IHC, a global investment company based in Abu Dhabi, has announced plans to establish a new artificial intelligence-driven reinsurance platform based in the Abu Dhabi Global Market (ADGM).
The platform, which is yet to be named, will provide underwriting services supported by advanced AI technologies.
It aims to contribute to the development of capital markets and economic growth in the Gulf region.
BlackRock will partner with the platform, offering insurance asset management, advisory services, and its Aladdin technology.
Lunate will also be a partner, bringing experience in both private and public markets and a multi-asset investment approach.
The platform will provide reinsurance solutions in property and casualty, life, and other specialised areas.
While based in ADGM, it will operate across various international markets, with a particular focus on the Middle East and Asia.
The platform will adopt an AI-first model, with no reliance on legacy systems.
This approach is intended to improve risk assessment, pricing strategies, and overall operational efficiency.
It will follow a buy and build strategy, targeting initial liabilities exceeding US$10 billion.
The company expects more than US$1 billion in initial equity commitments, supported by hybrid and debt financing.
Following the signing of definitive agreements, BlackRock will make a minority investment.
The company will be chaired by Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology.
Mark Wilson, former CEO of Aviva and AIA Group, has been appointed as Chief Executive Officer.
Dr 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 said:
“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.”
Featured image credit: ADGM
