By Ryan Hewlett

May 9 - (The Insurer) - International Holding Company $(IHC)$ is launching a $1 billion reinsurance start-up with asset managers BlackRock and Lunate with former Aviva plc CEO Mark Wilson appointed to lead the venture.

• IHC partners with BlackRock and Lunate to launch reinsurance venture

• Start-up backed by an initial $1 billion of equity capital and partnerships

• Abu Dhabi reinsurer targeting $10 billion of liabilities across P&C, life and specialty

The new platform, yet to be named, will be headquartered in the Abu Dhabi Global Market $(ADGM)$ and has been billed as an AI-driven global reinsurer which will help accelerate reinsurance growth in the Gulf region.

IHC said the platform will implement a buy-and-build strategy, targeting initial liabilities exceeding $10 billion.

The platform will offer “tailored” property and casualty (P&C), life, and specialized insurance products with a strategic focus on the Middle East and Asia.

“Insurance is a critical ingredient to driving economic growth and investment. A strong, local, and purpose-built reinsurance platform will both harness and deliver upon the opportunities presented by the growing financial ecosystem in the Gulf,” IHC said in a statement on Friday.

Initial equity commitments are expected to surpass $1 billion, which will be bolstered by additional hybrid and debt financing. BlackRock will provide a minority investment commitment to the venture.

BlackRock will partner with the platform to provide insurance asset management, advisory, and its Aladdin technology capabilities. Alternative investment manager Lunate will also be a partner in the new platform.

The reinsurer will be chaired by Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, GCEO and MD of ADNOC, and led by Wilson as CEO.

The move marks a return to the helm of a global (re)insurer for Wilson, who led Aviva from 2012 before being ousted in 2018 following speculation of a year of disagreements with investors.

Following his Aviva exit, Wilson teamed up with private equity firm Sun Capital Partners to launch Abacai Holdings, an insurtech venture targeting the UK motor insurance market.

Prior to Aviva, Wilson ran AIA Group, one of Asia’s largest financial services providers, which became a takeover target for London-listed Prudential a decade ago.

““Abu Dhabi stands at the nexus of a rapidly evolving landscape in capital markets and AI technology. With its AI-native foundation, robust capital backing, and exceptional strategic partners, the company is uniquely positioned to redefine the future of insurance,” Wilson said.