IHC, a global investment company focused on building dynamic value networks, is set to launch a new AI-driven reinsurance platform headquartered in the Abu Dhabi Global Market (ADGM).
This reinsurance platform, name yet to be announced, aims to accelerate the economic growth in the Gulf region and support the continued evolution of regional capital markets by providing critical underwriting capabilities powered by AI technologies.
BlackRock and Lunate will partner with IHC in this initiative. BlackRock will offer leading insurance asset management, advisory, and its Aladdin technology capabilities, while Lunate will bring its expertise in private and public markets and its global, multi-asset investment experience.
The platform will deliver customized solutions covering Property and Casualty (P&C), Life, and specialized insurance products. Headquartered in ADGM, it will operate across key international jurisdictions, developing a local platform to meet the diverse demands of the global market, while maintaining a strategic focus on the Middle East and Asia.
At the heart of the platform will be an AI-native approach, aimed at enhancing data analytics, pricing strategies, and company operations. This technology is set to strengthen underwriting capabilities by improving the quality and speed of risk assessments.
The platform will adopt a buy-and-build strategy, targeting initial liabilities exceeding $10 billion. Initial equity commitments are projected to surpass $1 billion, which will be bolstered by additional hybrid and debt financing. BlackRock will invest a minority stake after the signing of definitive documentation.
Furthermore, IHC has revealed that the company will be chaired by His Excellency Dr. Sultan Ahmed Al Jaber, the UAE Minister of Industry and Advanced Technology, GCEO and MD of ADNOC, and led by seasoned industry expert Mark Wilson, former CEO of Aviva Plc and AIA Group Limited.
Dr. Sultan bin Ahmed Al Jaber UAE Minister of Industry & Advanced Technology, MD and Group CEO – ADNOC
“We are excited to bridge 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.”
Syed Basar Shueb, CEO of IHC, stated that, “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.”
Larry Fink, Chairman and CEO of BlackRock, commented that, “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.”
“We are excited to partner with IHC and BlackRock to build a regional champion in the insurance industry. We look forward to contributing our investment expertise, as we capitalize on opportunities in adjacent business areas. Equally, we are proud to be a part of the evolution of Abu Dhabi’s financial ecosystem,” added Murtaza Hussain, Managing Partner of Lunate.
Mark Wilson, CEO of the company, noted that, “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.”
