This new company, yet to be named, will provide critical underwriting capabilities, underpinned by cutting-edge AI technologies, to help accelerate growth of the insurance and capital market ecosystem in the Gulf region and support the continued evolution of regional capital markets.
This new company, yet to be named, will provide critical underwriting capabilities, underpinned by cutting-edge AI technologies, to help accelerate the growth of the insurance and capital market ecosystem in the Gulf region and support the continued evolution of regional capital markets.
BlackRock will partner with the platform to provide leading insurance asset management, advisory, and its Aladdin technology capabilities to the initiative. Alternative investment manager, Lunate, headquartered in Abu Dhabi, will also be a partner in the new platform, leveraging its deep expertise in private and public markets and its global, multi-asset investment experience in supporting the platform.
The three partners said in a joint statement that initial equity commitments are expected to surpass $1bn, which will be bolstered by additional hybrid and debt financing. After the signing of definitive documentation, BlackRock will provide a minority investment commitment to the venture.
The platform will implement a buy-and-build strategy, targeting initial liabilities exceeding $10bn. It will offer tailored solutions covering Property and Casualty, Life, and specialised insurance products. With its base in ADGM, it will operate across key international jurisdictions, creating a local platform capable of adapting to the diverse demands of the global market, while maintaining a strategic focus on the Middle East and Asia.
At the core of the company’s operations will be an AI-native approach, unencumbered by legacy technology, to enhance data analytics, pricing strategies, and company operations. This technology will bolster underwriting capabilities by improving the quality and speed of risk assessments, thereby optimizing capital efficiency.
IHC also announced that the company will be chaired by Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and led by seasoned industry expert Mark Wilson, former CEO of Aviva and AIA Group.