Abu Dhabi’s International Holding Company (IHC) has announced the establishment of a new global reinsurance platform headquartered in the Abu Dhabi Global Market (ADGM). The initiative is backed by over $1 billion in initial equity commitments and aims to underwrite more than $10 billion in liabilities. Strategic partners include BlackRock, which will provide asset management, advisory, and technology services, and Lunate, an Abu Dhabi-based alternative investment firm managing $110 billion in assets.
The platform will adopt an AI-native approach to enhance data analytics, pricing strategies, and operational efficiency. It plans to offer tailored solutions across Property and Casualty (P&C), Life, and specialised insurance products, with a focus on the Middle East and Asia markets.
Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, will chair the company. Mark Wilson, former CEO of Aviva Plc and AIA Group Limited, has been appointed as CEO.
The establishment of this platform aligns with Abu Dhabi’s broader strategy to strengthen its position as a global financial hub and to foster innovation in the insurance sector. BlackRock’s involvement underscores its commitment to expanding its presence in the region. Larry Fink, CEO of BlackRock, has previously highlighted Abu Dhabi as a key hub for global capital.
Lunate’s participation marks its entry into the reinsurance space, further diversifying its investment portfolio. The firm’s involvement is expected to bring additional expertise in private and public markets to the platform.
