العربية
EnglishIHC, BlackRock, and Lunate to Launch $10 Billion Reinsurance Firm
The newly formed reinsurance platform, which has yet to be named, will be based in the Abu Dhabi Global Market (ADGM). This initiative aims to deliver essential underwriting capabilities powered by artificial intelligence, facilitating the swift growth of the Gulf region and contributing to the development of regional capital markets.
AI-Driven Reinsurance Platform to Launch
BlackRock will make a minority investment in the venture following the completion of definitive documentation. The new venture is set to target liabilities exceeding $10 billion, with initial equity contributions projected to exceed $1 billion. The strategy will be further supported by hybrid and debt financing methods.
In addition to financial investment, BlackRock will provide its expertise in insurance asset management, advisory services, and the advanced Aladdin technology platform. Lunate will utilize its extensive knowledge in private and public markets as well as its global multi-asset investment experience to enhance the platform's capabilities.
The new platform plans to deliver customized solutions in Property and Casualty (P&C), Life, and specialized insurance sectors. Operating from ADGM, it will engage in relevant international jurisdictions while focusing strategically on the Middle East and Asia, aiming to meet diverse global market needs effectively.
Syed Basar Shueb, CEO of IHC, stated, “This venture signifies IHC’s dedication to innovation and strategic progress. By utilizing our diversified portfolio and profound regional knowledge, we aspire to redefine the insurance sector, creating sustainable value for our stakeholders and fostering economic growth in the region.”
Larry Fink, Chairman and CEO of BlackRock, expressed pride in collaborating with IHC and Lunate, noting that this transformative project aims to enhance the insurance, capital markets, and broader financial ecosystem in Abu Dhabi and beyond. He looks forward to leveraging their asset management, advisory, and technological strengths to facilitate the venture’s development.
Insurance is essential for fuel economic growth and investment. A solid, locally-focused reinsurance platform will capitalize on opportunities arising from the expanding financial ecosystem in the Gulf region.
Dr. Sultan Ahmed Al Jaber, the UAE Minister of Industry and Advanced Technology, will chair the new company, while Mark Wilson, a veteran in the industry and former CEO of Aviva and AIA Group, will take on the role of CEO.
Dr. Al Jaber remarked, “We are enthusiastic about connecting global capital with regional prospects in this fast-growing market to launch a business that is not only financially rewarding but also impactful in shaping the future of insurance through innovative technology.”
He further added, “With the support of exceptional global partners such as IHC, BlackRock, and Lunate, the new company will bring extensive expertise, a solid financial foundation, and AI-driven underwriting to improve efficiency and accuracy. Establishing the company in ADGM allows us to benefit from a sound regulatory framework and a rapidly expanding insurance market.”
CEO Wilson asserted, “Abu Dhabi is at a pivotal point in the evolving capital markets and AI landscape. With its AI-centric foundation, robust financial backing, and outstanding strategic alliances, the company is well-positioned to redefine the future of insurance.”
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