Black Rock partner .. "World Holding" It launches an international reinsurance platform based in Abu Dhabi International

Abu Dhabi, May 9/ WAM/ The International Holding Company, the world’s leading investment company specialized in building vital partnerships to enhance value and achieve growth, has announced its plans to launch a new platform for insurance based on artificial intelligence, and is based in Abu Dhabi International “ADGM” its headquarters.

The new platform, which has not yet been called, will provide vital insurance subscription capabilities supported by the latest technologies of artificial intelligence, with the aim of accelerating the pace of growth in the Gulf region and supporting the development of regional capital markets.

Black Rock will cooperate with the platform to provide leading services in the management of insurance assets and consulting services, as well as the technologies of the artificial intelligence system “Aladdin”.

Lunite will also join as a partner in the new platform, taking advantage of its extensive experience in the private and public markets, and its global experience in investing through various categories of multiple assets, to support and develop the platform, while the insurance sector is a pivotal component to advance economic growth and investments.

By establishing a strong local platform for reinsurance, it was designed specifically to meet the requirements of this sector, the opportunities provided by the prosperous financial system in the Gulf region can be seized.

The platform provides a comprehensive and integrated set of carefully designed solutions for property insurance, potential damage, life insurance, and specialized insurance products, while the platform will practice its work from Abu Dhabi Global “ADGM”, to cover major geographical areas, by providing a comprehensive local platform capable of meeting various needs of global markets, while maintaining the strategic focus on the Middle East region And Asia.

The company’s operations are based on an advanced approach based on artificial intelligence, as it uses a group of modern technologies without adhering to traditional systems and technologies, which will enable them to develop data analysis mechanisms and improve pricing strategies and operational operations.

This technology will contribute to upgrading insurance subscription capabilities by improving the quality and speed of risk assessments, thus enhancing the benefit of capital.

The platform will also adopt the “acquisition and development” strategy, as the company aims in its early stages to provide insurance obligations that exceed $ 10 billion, based on initial obligations of more than one billion dollars, as well as additional funds via debts and mixed financing tools, while Black Rock will provide an investment commitment to a minority share in this initiative, after signing the final documents.

The International Holding Company announced that His Excellency Dr. Sultan Ahmed Al -Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of Adenuk and its group of companies will chair the company’s board of directors, in addition to leading its executive operations by Mark Wilson, former CEO of Aviva BLC and the AIA Ltd., which will add a great value to this ambitious project through his wide experiences in the sector.

Dr. Sultan Ahmed Al -Jaber said that we are pleased to contribute to attracting global capital and linking them to the promising opportunities provided by the region through its vital fast -growing markets, by launching a global company that will add distinct value and achieve strong financial returns, as well as contribute to the formation of the future of the insurance sector by adopting the latest technology.

His Excellency stressed that the new company will benefit from strong support and our established partnership with the International Holding Company, Black Rock and Lunite, to add wide and specialized experiences and launch with a strong and systematic capitalist base based on artificial intelligence to upgrade levels of efficiency and accuracy, noting that the company’s choice of establishing its main headquarters in Abu Dhabi International “ADGM” will give it preference by benefiting from a strong organizational framework, and a fast insurance market Growth, and a vibrant financial center.

For his part, Sayed Bosfa Shuaib, CEO of the International Holding Company, said that this project confirms the commitment of the global holding company to pay the process of innovation and strategic growth, in addition to benefiting from its various portfolios and its ambitious regional vision to establish new standards for the insurance sector, and to provide sustainable value to the various stakeholders and contribute to the march of economic prosperity in the region.

For his part, Larry Vink, CEO and Chairman of Black Rock, said, we are proud to cooperate with the International Holding Company and Lunite to implement this pioneering initiative, which aims to accelerate the pace of the development of the insurance sector, capital markets and the financial system in Abu Dhabi and the region, and we look to benefit from our expertise in asset management, consulting, and our technological capabilities to support the growth of this platform.

For his part, Mortada Hussein, the administrative partner in Lunite, said that we are pleased to cooperate with the International Holding Company and Black Rock to build a leading platform in the insurance sector at the level of the region, in light of the aspiration to harness our investment experiences and seize opportunities in the fields of insurance related business, by contributing to the development of the financial system in Abu Dhabi.

For his part, Mark Wilson, CEO of the company, drew attention to the pivotal site that Abu Dhabi city occupies amid a global scene full of rapid changes in the capital markets and artificial intelligence technologies.

He said that the company is based on solid foundations based on artificial intelligence, strong capital, and a list of strategic partners, which will give it a unique position that qualifies it to establish new criteria and reshape the future of insurance.

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