IHC Launches AI-Powered Reinsurance Platform in Abu Dhabi
IHC is introducing a new global reinsurance platform based in Abu Dhabi Global Market (ADGM), developed in partnership with BlackRock and Lunate. The platform will cover property and casualty, life, and specialised insurance lines, focusing on providing solutions across major international markets.
Built as an AI-native reinsurer, the platform will improve underwriting accuracy, risk evaluation, and capital management by leveraging advanced technology without relying on outdated legacy systems. While focusing strategically on the Middle East and Asia, it will also pursue global opportunities through a buy-and-build approach.
Financial Backing and Expertise
- Projected initial liabilities exceed US$10 billion.
- More than US$1 billion in equity commitments, supplemented by hybrid and debt financing.
- BlackRock offers insurance asset management expertise, its Aladdin technology platform, and a minority investment stake.
- Lunate contributes its experience in both private and public markets.
Leadership includes Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, as chair, and Mark Wilson, former CEO of Aviva and AIA, as the platform's leader.
Strategic Importance for the Region
Insurance is a key sector for economic growth in the Gulf, and this platform aims to build local reinsurance capacity, strengthening regional capital markets. Dr Al Jaber highlighted the platform’s role in connecting global capital with regional opportunities while advancing insurance through advanced technology.
Syed Basar Shueb, CEO of IHC, described the venture as a commitment to innovation and sustainable growth that will reshape the insurance market and support the region’s economic prosperity.
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