Investment firm IHC has revealed plans to set up a new reinsurance platform headquartered in the Abu Dhabi Global Market (ADGM).
The platform will leverage AI to enhance its underwriting capabilities, with a focus on aiding growth in the Gulf region and local capital markets.
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BlackRock has been confirmed as a partner for the venture, providing insurance asset management, advisory services and the integration of its Aladdin technology.
Additionally, Lunate will join the initiative, bringing expertise in global, multi-asset investment to the platform.
The yet-to-be-named platform will provide property and casualty (P&C), life and specialised insurance products.
Operating from the ADGM, it will also cater to international markets, with a particular emphasis on the Middle East and Asia.
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By GlobalDataThe platform’s operations will be built around an AI-native framework, aiming to improve data analytics and pricing, and expected to enhance risk assessment processes and capital efficiency.
A buy-and-build strategy is central to the platform’s growth plans, targeting initial liabilities of more than $10bn (Dh36.73bn). The initial equity commitments are projected to be more than $1bn, supplemented by additional financing.
BlackRock will make a minority investment in the venture upon completion of the definitive documentation.
The leadership of the new company will be under the chairmanship of United Arab Emirates Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber, with former Aviva CEO Mark Wilson at the helm.
Al Jaber said: “Supported by exceptional global partners in IHC, BlackRock and Lunate, the new company will bring deep expertise, a strong capital base, and AI-driven underwriting to enhance efficiency and precision. Furthermore, establishing the company in ADGM gives us access to a robust regulatory framework, a rapidly growing insurance market and dynamic financial hub.”
IHC CEO Syed Basar Shueb stated: “This venture embodies IHC’s commitment to innovation and strategic growth. By leveraging our diversified portfolio and deep regional insights, we aim to redefine the insurance landscape, delivering sustainable value to our stakeholders and contributing to the economic prosperity of the region.”
In March, BlackRock, along with Allianz and T&D Holdings, agreed to purchase Viridium Group from Cinven for €3.5bn ($3.89bn).
