International Holding Company (IHC), recognized as one of the UAE’s most valuable listed companies, has teamed up with BlackRock, the world’s largest asset manager, to establish a $1 billion reinsurance company. The new entity, which is still unnamed, will be supported by over $1 billion in initial equity commitments and aims to target $10 billion in liabilities, according to a recent filing by IHC to the Abu Dhabi Securities Exchange.

The reinsurance venture will be chaired by Dr. Sultan Al Jaber, who serves as the UAE Minister of Industry and Advanced Technology. Leadership of the company will be undertaken by Mark Wilson, the former chief executive of Aviva and AIA Group. Alongside IHC and BlackRock, Abu Dhabi-based Lunate, a global alternative investment management company, will also participate in this new venture, marking its entry into the reinsurance sector.

Dr. Sultan Al Jaber stated that the collaboration with esteemed global partners such as IHC, BlackRock, and Lunate will provide the new company with extensive expertise, a solid capital foundation, and AI-driven underwriting to improve efficiency and accuracy. He emphasized that the establishment of the company in the Abu Dhabi Global Market (ADGM) will facilitate access to a robust regulatory framework and a rapidly expanding insurance market within a dynamic financial hub.

Larry Fink, chairman and chief executive of BlackRock, described the initiative as transformative, indicating that it will significantly enhance the development of insurance and capital markets, as well as the overall financial ecosystem in Abu Dhabi. He expressed anticipation for utilizing BlackRock’s asset management, advisory, and technology capabilities to foster the company’s growth.