Abu Dhabi’s International Holding Company (IHC) has announced a strategic partnership with BlackRock, the world’s largest asset manager, to establish a $1 billion reinsurance company. The platform will be based in Abu Dhabi Global Market (ADGM) and will primarily target global markets, with a particular focus on the Middle East and Asia.
In a filing with the Abu Dhabi Securities Exchange on Friday, IHC disclosed that the new venture will be supported by over $1 billion in initial equity commitments. The company plans to handle liabilities up to $10 billion and will operate under a yet-to-be-revealed name. Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, will chair the company, while Mark Wilson, former CEO of Aviva and AIA Group, will lead it.
A Strategic Move for Growth in the Middle East and Asia
IHC’s new reinsurance platform is a testament to its vision of expanding and diversifying its business portfolio. Lunate, a global alternative investment management company based in Abu Dhabi, will also join the venture, marking its entry into the reinsurance sector.
Dr Sultan Al Jaber expressed confidence in the partnership, stating, “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.” The choice to base the company in ADGM is strategic, offering access to a robust regulatory framework and positioning the company within one of the world’s fastest-growing financial hubs.
AI-Driven Underwriting and Expansion of Insurance Solutions
The new venture aims to offer tailored insurance solutions, covering property and casualty (P&C), life, and specialized products. Larry Fink, Chairman and CEO of BlackRock, emphasized the significance of the partnership, highlighting how it would contribute to the growth of insurance markets and the financial ecosystem in Abu Dhabi.
The reinsurance market has become increasingly competitive, driven by global challenges such as wars, pandemics, and natural disasters. Despite this, the global reinsurance sector is expected to continue expanding, with an estimated market size of $696 billion in 2025, growing at a CAGR of 10.4%. Projections suggest the sector will reach $1.02 trillion by 2029.
Transforming the Industry with Innovation
At the heart of the new venture is an AI-native approach to underwriting, enabling faster, more accurate risk assessments. This technology, unencumbered by legacy systems, aims to enhance capital efficiency and improve overall underwriting capabilities.
Mark Wilson, CEO of the new company, said, “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.”
IHC’s Commitment to Diversification and Innovation
Founded in 1999, IHC is one of the UAE’s most valuable listed holding companies, with a market capitalization of $239.6 billion. The company operates over 1,000 subsidiaries across diverse sectors, including healthcare, property, construction, marine, and financial services. In its latest financial results for Q1 2025, IHC reported a 41% revenue growth to Dh27.2 billion, with a profit after tax of Dh4.1 billion.
IHC’s CEO, Syed Shueb, emphasized the significance of the new venture, saying, “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.”
