Abu Dhabi-listed IHC plans to establish a $1 billion local artificial intelligence (AI)-driven reinsurance platform with New York-based asset manager BlackRock.
The venture will target more than $10 billion in liabilities through a buy-and-build strategy, with Lunate, the alternative investment manager based in Abu Dhabi, also joining as a partner, IHC said in a statement.
This initiative aligns with Abu Dhabi’s efforts to diversify its economy and position itself as a hub for financial services and technology-driven industries.
Under the agreement, BlackRock will provide a minority investment commitment to the venture and provide insurance asset management, advisory and technology capabilities.
The new company will be chaired by Sultan Al Jaber, the UAE minister of industry and advanced technology, and led by Mark Wilson, the former CEO of Aviva and AIA Group.
The platform will offer products targeted at the property and casualty (P&C), life, and specialised insurance sectors, the statement said.
IHC shares closed lower at AED401 on Friday. The stock is nearly 1 percent down year to date in 2025.
In February Mubadala invested $436 million in BlackRock’s bitcoin exchange-traded fund, acquiring 8.2 million shares in the iShares bitcoin ETF during the fourth quarter of 2024.
