Abu Dhabi’s largest listed company IHC said on Friday it plans to set up a new $1 billion artificial intelligence-driven reinsurance platform with BlackRock.
The yet to be named new venture will target $10 billion in liabilities, with BlackRock and Abu Dhabi alternative investment firm Lunate joining as partners, IHC said in a statement.
BlackRock will provide a minority investment commitment to the venture and provide insurance asset management advisory and technology capabilities, it added.
Lunate will offer expertise in private and public markets and its global, multi-asset investment experience in supporting the platform, it added. The platform will be headquartered in Abu Dhabi’s financial centre ADGM.
IHC said the new company will be chaired by Sultan Al Jaber, the United Arab Emirates’ minister of industry and advanced technology, and led by Mark Wilson, the former chief executive of Aviva and AIA Group.
Reuters
