By Ryan Hewlett
June 16 - (The Insurer) - International Holding Company $(IHC)$ has named its nascent $1 billion reinsurance startup Reinsurance Intelligence Quotient (RIQ).
First unveiled in early May, the reinsurer is being launched with asset managers BlackRock and Lunate under the leadership of former Aviva plc CEO Mark Wilson.
Headquartered in the Abu Dhabi Global Market $(ADGM)$ and billed as an AI-driven global reinsurer, the platform will implement a buy-and-build strategy, targeting reinsurance growth in the Gulf region.
Supported by over $1 billion in initial equity commitments and targeting over $10 billion in liabilities, platform will offer “tailored” property and casualty (P&C), life and specialized insurance products with a strategic focus on the Middle East and Asia.
IHC said in statement on Monday that RIQ is currently progressing through final regulatory steps with the Financial Services Regulatory Authority of ADGM.
“The new platform has been established to serve as a next-generation reinsurance entity purpose-built for the future of global risk transfer,” IHC said.
“The opportunities presented by AI in risk selection, cost management and customer service are central to the RIQ strategy. With a strong regional anchor and global aspirations, RIQ will deliver innovative insurance solutions tailored to the needs of clients across P&C, Life, and specialized segments, with an initial focus on high-growth markets.”
The company also announced the formation of its board of directors under the chairmanship of Sultan Ahmed Al Jaber.
The board includes H.E. Mohamed Hassan Alsuwaidi, Syed Basar Shueb, Sofia Abdellatif Lasky and Wilson.
“We are proud to officially launch RIQ. Our new name signals our long-term commitment to building a high-performance, AI-native reinsurance company with the scale and agility to lead in a rapidly changing world. Our board’s collective experience and our strategic partnerships provide an exceptional foundation for sustainable global growth,” said Wilson.