Insurance plays an important role in promoting economic growth and investment. A strong, local, and purpose-built reinsurance infrastructure will capitalize on the opportunities afforded by the Gulf’s expanding financial environment.
IHC, a global investment company focused on building dynamic value networks, announced the launch of an AI-powered reinsurance platform headquartered in the Abu Dhabi Global Market (ADGM) in partnership with BlackRock and Lunate.
The platform will deliver superior insurance asset management, advisory services, and Aladdin technology capabilities for the effort. Lunate will also be a partner in the new platform, employing its significant expertise in private and public markets, as well as its global, multi-asset investment experience, to support it.
Larry Fink, Chairman and CEO of BlackRock, commented: “We are proud to collaborate with IHC and Lunate in this transformative endeavor to 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.”
Based in ADGM, it will provide customized insurance solutions for P&C, life, and specialized products across key international jurisdictions, focusing on the Middle East and Asia, while adapting to the global market’s diverse demands. The platform plans to use a buy-and-build strategy with initial liabilities exceeding $10 billion, with equity commitments exceeding $1 billion, supported by hybrid and debt financing. BlackRock will provide a minority investment commitment after final documentation.
Syed Basar Shueb, CEO of IHC, added, “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.”
“Abu Dhabi stands at the nexus of a rapidly evolving landscape in capital markets and AI technology. With its AI-native foundation, robust capital backing, and exceptional strategic partners, the company is uniquely positioned to redefine the future of insurance,” concluded Mark Wilson.
