International Holding Company (IHC), a prominent investment firm in Abu Dhabi, has partnered with U.S. asset management company BlackRock to create a $1 billion reinsurance platform based in the Abu Dhabi Global Market (ADGM), Abu Dhabi’s international financial center.
$1 Billion Platform with Global Aspirations
The new reinsurance company, whose name has not been announced yet, has already secured over $1 billion in initial investments. The company is also looking for more funding through hybrid and debt financing. It plans to offer underwriting services and follow a strategy of buying and growing, with initial liabilities exceeding $10 billion.
Strategic Partnerships and Leadership
BlackRock will bring its expertise in insurance asset management and advice, along with its Aladdin technology, to improve the new company’s operations.
The U.S. investment firm, supported by Larry Fink, will also make a minority investment in the company once the agreement is completed.
Lunate, an alternative investment manager based in the UAE, is also a partner in the venture. This is their first move into the reinsurance industry.
Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and CEO of ADNOC will Chair the platform. Mark Wilson, former CEO of Aviva and AIA Group Limited, will manage the day-to-day operations.
An AI-native Reinsurance
In a joint statement, the new venture announced it will use AI to develop data and market analysis and improve capital efficiency. Initially, it will focus on Property and Casualty (P&C), Life, and specialized insurance products.
Reinforcing Abu Dhabi’s Financial Hub
The launch highlights ADGM’s role as a growing international financial center and shows Abu Dhabi’s ambition to become a global financial services and innovation leader.
It also shows increasing regional interest and commitment to building a strong, diverse insurance and reinsurance industry.
Conclusion
IHC of Abu Dhabi and BlackRock have announced a new $1 billion reinsurance company that uses AI and involves multiple partners. The company is based in ADGM.
This move shows how Abu Dhabi is becoming more influential as an international finance center and highlights its goal of leading in offering innovative financial services and insurance.
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