IHC and BlackRock Launch Global Reinsurance Platform

The UAE-based IHC, a global investment company focused on building dynamic value networks, on Friday announced its plans to establish a new AI-driven reinsurance platform headquartered in the Abu Dhabi Global Market (ADGM).

This new platform, yet to be named, will provide critical underwriting capabilities, underpinned by cutting-edge AI technologies, to help accelerate the rapid growth in the Gulf region and support the continued evolution of regional capital markets underpinned by cutting-edge AI technologies, to help accelerate the rapid growth in the Gulf region and support the continued evolution of regional capital markets, IHC said in a regulatory disclosure with Abu Dhabi Securities Exchange (ADX) this morning.

BlackRock will partner with the platform to provide leading insurance asset management, advisory, and its Aladdin technology capabilities to the initiative. Lunate will also be a partner in the new platform, leveraging its deep expertise in private and public markets and its global, multi-asset investment experience in supporting the platform.

Insurance is a critical ingredient to driving economic growth and investment. A strong, local, and purpose-built reinsurance platform will both harness and deliver upon the opportunities presented by the growing financial ecosystem in the Gulf.

The platform will offer tailored solutions covering Property and Casualty (P&C), Life, and specialized insurance products. With its base in ADGM, it will operate across key international jurisdictions, creating a local platform capable of adapting to the diverse demands of the global market, while maintaining a strategic focus on the Middle East and Asia.

Buy-and-Build Strategy

The platform will implement a buy-and-build strategy, targeting initial liabilities exceeding $10 billion. Initial equity commitments are expected to surpass $1 billion, which will be bolstered by additional hybrid and debt financing. After the signing of definitive documentation, BlackRock will provide a minority investment commitment to the venture.

IHC also announced that the company will be chaired by Dr Sultan Ahmed Al Jaber, the UAE Minister of Industry and Advanced Technology, Group CEO and MD of ADNOC, and led by seasoned industry expert Mark Wilson, former CEO of Aviva Plc and AIA Group Limited, who brings a wealth of experience to this initiative.

Dr Sultan Ahmed Al Jaber said that they were bridging global capital with regional opportunities in this fast-growing market to launch a value accretive business with solid financial returns while shaping the future of insurance with cutting edge technology.

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, he added.

IHC CEO Syed Basar Shueb said that this venture embodies IHC’s commitment to innovation and strategic growth.

He added: “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.”

BlackRock Chairman and CEO Larry Fink said that transformative endeavour will help accelerate the development of a more dynamic insurance, capital markets and financial ecosystem in Abu Dhabi and the broader region. We look forward to applying our asset management, advisory and technology capabilities to support its growth.”

Murtaza Hussain, Managing Partner of Lunate, said that they were looking forward to contribute their investment expertise, as we capitalise on opportunities in adjacent business areas.