Abu Dhabi’s IHC creates $1 billion reinsurance joint venture with BlackRock and Lunate
International Holding Company (IHC), based in Abu Dhabi, has created a new reinsurance platform that uses AI. They did this by partnering with BlackRock and investing over $1 billion. The platform is set up in Abu Dhabi Global Market (ADGM).
New Reinsurance Partnership
A new reinsurance partnership is being set up to help grow the insurance and financial markets in the Gulf region, according to a statement by IHC on Friday. This new company will use advanced technology to improve how insurance is managed and offered.
At first, the company will be funded by investments from its owners and additional loans. It plans to grow quickly by buying and building other businesses, aiming to cover over $10 billion in insurance responsibilities.
BlackRock will help the company by managing investments, giving advice, and offering its technology platform called Aladdin. It will also invest a small amount once all legal agreements are signed.
Another partner is Lunate, an investment firm from Abu Dhabi. Lunate will use its knowledge of global markets and different kinds of investments to support the new company.
The new company will be based in Abu Dhabi Global Market (ADGM) and will offer custom insurance solutions in areas like property, life, and specialty insurance. It will focus on the Middle East and Asia but also serve clients worldwide.
IHC says insurance is important for economic growth and investment. A strong local reinsurance company can help support the growing financial market in the Gulf region.
Dr. Sultan Ahmed Al Jaber, UAE Minister and CEO of ADNOC, will be the chairman of the new company. Mark Wilson, the former CEO of Aviva and AIA Group, will lead the company, bringing years of industry experience.
Key Quote
“With support from IHC, BlackRock, and Lunate, the new company will bring strong expertise, solid funding, and advanced AI tools to improve how insurance is done,” said Dr. Al Jaber.
“Setting up in ADGM gives us a reliable regulatory system, access to a fast-growing insurance market, and a strong financial center.”
AI at the Core
The company will be built around artificial intelligence (AI) from the start. It won’t use old systems, which will allow it to be faster and more efficient. The AI will help better analyze risks, set prices, and use capital more effectively.
Published: 12th May 2025
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