IHC, BlackRock, Lunate partner to launch global reinsurance platform  

Abu Dhabi-listed International Holding Company (IHC) has launched an artificial intelligence-driven global reinsurance platform based in ADGM, in partnership with US asset manager BlackRock and UAE-based investment firm Lunate.

The platform, which will focus on property and vasualty (P&C), life, and specialty insurance products, has secured more than $1bn in initial equity commitments and is targeting over $10bn in insurance liabilities, IHC said in a statement.

BlackRock will provide insurance asset management, advisory, and technology support through its Aladdin platform.

The venture marks IHC’s expansion into the global reinsurance market as it taps into growing insurance demands and capital market development across the Middle East and Asia.

“We are excited to bridge global capital with regional opportunities… while shaping the future of insurance with cutting edge technology,” said Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, who will chair the company.

Mark Wilson, former CEO of Aviva, will serve as CEO.

IHC to employ AI-native operating model

The firm will employ an AI-native operating model to enhance risk analytics, pricing strategies, and capital efficiency, leveraging AI to improve underwriting quality and speed.

Larry Fink, CEO of BlackRock, said the platform would help accelerate the development of Abu Dhabi’s “dynamic insurance, capital markets and financial ecosystem” with BlackRock contributing asset management expertise.

Lunate’s managing partner, Murtaza Hussain, said the new platform will position Abu Dhabi as a regional insurance hub.

The reinsurance platform will operate internationally but strategically focus on Middle Eastern and Asian markets, aligning with the UAE’s broader efforts to boost its financial services sector and regional insurance capacity.

Read: IHC reports net profit at Dhs4.1bn for Q1