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International Holding Company (IHC) and RIQ, an AI-native reinsurance platform, announced a 10-year strategic partnership, anchored by a target of more than $500m in reinsurance premiums.
RIQ, which was launched earlier this year in Abu Dhabi by IHC in partnership with BlackRock and Lunate, will provide a full suite of reinsurance solutions to IHC and its group companies.
The platform is designed to offer capital-efficient coverage for complex specialty and property and casualty (P&C) risks using AI-augmented underwriting.
The partnership aims to enhance the resilience and operational agility of IHC’s companies and aligns with Abu Dhabi’s goal to become a global hub for reinsurance and financial innovation.
RIQ to obtain formal authorisation from ADGM as a reinsurer
RIQ is currently in the process of obtaining formal authorisation as a reinsurer from the Financial Services Regulatory Authority (FSRA) of ADGM.
The reinsurance transaction with IHC is subject to regulatory clearance.
Syed Basar Shueb, CEO of IHC, said the partnership reflects the company’s belief in “the transformative power of intelligent capital and data-driven risk transfer.” He added that the collaboration “is a strategic investment in the future of resilient infrastructure and industrial agility.”
Mark Wilson, CEO of RIQ, commented that the partnership is a “defining step in our mission to reshape global reinsurance from Abu Dhabi outward.”
RIQ has over $1bn in equity commitments from IHC and its partners and aims to write $10bn per year in reinsurance premiums.
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