Kathmandu. Abu Dhabi’s largest listed company, International Holding Company, will set up a $1 billion reinsurance venture with Black Rock Inc.
According to Asian Insurance Post, the unnamed firm will start off with initial capital commitments of more than $1 billion. It aims to manage $10 billion of liabilities backed by a partnership with Blackrock and Abu Dhabi-based asset manager Lunate.
Headquartered in abu dhabi’s financial-free zone, the firm will be chaired by UAE Minister of Industry and Advanced Technology Sultan Al Jaber. It will be led by Mark Wilson, former CEO of Aviva plc and AIA Group Limited. Black Rock will provide early minority investment and support enterprises with insurance asset management, advisory services and technology.
Lunate will serve as a partner, providing its experience in the public and private markets.
The new firm will use AI as a key part of the strategy, enhancing underwriting capabilities by improving the quality and speed of risk assessment.
Blackrock obtained a commercial license to operate in Abu Dhabi last year, and the latest deal deepens its relationship with the Emirates.
The firm is partnering with MGX to build data storage facilities and other artificial intelligence infrastructure worth $30 billion.
