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Abu Dhabi investment firm IHC has partnered with BlackRock to launch a $1billion reinsurance platform based out of Abu Dhabi Global Market (ADGM), with additional hybrid and debt financing in the pipeline.
The new platform, yet to be named, will provide underwriting capabilities, and adopt a buy-and-build strategy, which will target initial liabilities exceeding $10 billion.
BlackRock will provide insurance asset management, advisory, and its Aladdin technology capabilities to the initiative. The Larry Fink-backed US investment firm will also provide a minority investment commitment to the venture once the deal is signed.
Lunate, the Abu Dhabi-based alternative investment manager, will also be a partner, marking its entry into the reinsurance space.
Dr Sultan Al Jaber, the head of the state-backed oil giant ADNOC, who is also the UAE Minister of Industry and Advanced Technology, will chair the new venture, with Mark Wilson, the former CEO of Aviva and AIA Group Limited, leading the operations.
In a statement, the companies said the platform will initiate an AI-native approach to enhance data and market analytics and optimise capital efficiency. Sectors covered by the new platform will include Property and Casualty (P&C), Life, and specialised insurance products.
(Writing by Bindu Rai, editing by Seban Scaria)
