Investment company IHC is set to launch a new AI-driven reinsurance platform headquartered in the Abu Dhabi Global Market (ADGM).
Currently unnamed, the new reinsurance platform will look to provide underwriting capabilities, powered by AI, to help accelerate growth in the Gulf region, while supporting the continued evolution of regional capital markets.
BlackRock will partner with the platform to provide insurance asset management, advisory, and its Aladdin technology capabilities to the initiative. Lunate will also partner with the new platform, leveraging its expertise in private and public markets and its global, multi-asset investment experience in supporting the platform.
The platform will offer tailored solutions covering Property and Casualty (P&C), Life, and specialised insurance products. With its base in ADGM, IHC plans to 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.
At the core of its operations, IHC will leverage an AI-native approach, unencumbered by legacy technology, to enhance data analytics, pricing strategies, and company operations. This technology will bolster underwriting capabilities by improving the quality and speed of risk assessments, thereby optimising capital efficiency.
“This venture embodies IHC’s commitment to innovation and strategic growth,” said Syed Basar Shueb, CEO of IHC. “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.”
Enhnaced efficiency and precision with AI
After signing the definitive documentation, BlackRock will provide a minority investment commitment to the venture. Larry Fink, chairman and CEO of BlackRock, commented: “We are proud to collaborate with IHC and Lunate in this transformative endeavour 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.”
IHC also announced that the company will be chaired by Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, GCEO and MD of ADNOC, and led by industry expert Mark Wilson, former CEO of Aviva Plc and AIA Group, who brings a wealth of experience to the initiative.
Al Jaber commented: “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.”
