Abu Dhabi: ADNOC, RIQ ink $500m AI-powered reinsurance deal

Image: ADNOC/ For illustrative purposes

Abu Dhabi National Oil Company (ADNOC) has entered into a strategic collaboration with RIQ, an AI-driven reinsurance platform backed by International Holding Company (IHC), to allocate more than $500m in risk coverage over the next decade.

The partnership is designed to bolster ADNOC’s operational resilience and support energy transition efforts with innovative insurance solutions, while contributing to Abu Dhabi’s wider ambition of becoming a global reinsurance innovation hub.

Launched earlier this year by IHC in partnership with BlackRock and Lunate, RIQ is based in Abu Dhabi Global Market (ADGM) and is building a suite of reinsurance offerings using AI-augmented underwriting, advanced data modelling and analytics.

The platform is still advancing through regulatory processes ahead of formal authorisation as a reinsurer.

The alliance will enhance ADNOC’s operational resilience by tailoring reinsurance solutions

The agreement with ADNOC, combined with RIQ’s existing partnership with IHC, sets a trajectory of over $1bn in reinsurance premiums committed through the platform in the next decade.

RIQ’s long-term goal is to write $10bn annually, supported by over $1bn in equity commitments from IHC, BlackRock and Lunate.

Ahmad Khalfan Al Mansoori, chairman of ADNOC Re., said: “This partnership will enhance ADNOC’s operational resilience by tailoring reinsurance solutions to evolving industrial and climate risks. Leveraging RIQ’s AI-powered platform will strengthen our risk management capabilities and ensure continuity in a complex energy landscape.”

Mark Wilson, CEO of RIQ, added: “We are honored to collaborate with ADNOC, an organisation renowned for its ambition and long-term vision. Together with our recent partnership with IHC, this alliance brings together cutting-edge technology, strategic capital, and domain expertise to redefine global reinsurance from Abu Dhabi outward. These relationships signal a bold step in building the reinsurance platform of the future.”

Additional strategic announcements are expected in the coming months as RIQ executes on its global buy-and-build strategy.