Abu Dhabi’s investment group IHC has joined forces with BlackRock to establish a reinsurance platform worth USD 1 billion, which will be headquartered within Abu Dhabi Global Market (ADGM). Plans are also in place to secure further funding through a combination of hybrid and debt instruments.
The platform, which is yet to be named, will offer underwriting services and pursue a buy-and-build strategy, initially targeting liabilities surpassing USD 10 billion.
BlackRock is set to contribute its expertise in insurance asset management and advisory services, along with its proprietary Aladdin technology. The US-based firm, supported by Larry Fink, will also commit a minority investment once the agreement is formalised.
Lunate, an alternative asset manager based in Abu Dhabi, will join the initiative as a strategic partner, marking its debut in the reinsurance sector.
Dr Sultan Al Jaber, who serves as both the UAE’s Minister of Industry and Advanced Technology and the CEO of ADNOC, will chair the new entity. Mark Wilson, formerly CEO of Aviva and AIA Group, will take charge of its operations.
According to a joint statement, the platform will leverage artificial intelligence to improve data and market analysis while enhancing capital efficiency. It will offer coverage across Property and Casualty (P&C), Life, and niche insurance sectors.
