"RIQ" and"source" They collaborate to enhance risk transfer solutions for clean energy projects
Abu Dhabi, November 12, 2017 – RIQ, the artificial intelligence-based reinsurance platform designed to shape the future of global risk transfer, and a subsidiary of the International Holding Company, announced the signing of a memorandum of understanding with Abu Dhabi Future Energy Company “Masdar”, the world leader in the field of clean energy, with the aim of developing advanced reinsurance solutions that deal with the complex risks associated with the global transformation in the energy sector.
Under the memorandum of understanding, the two companies will cooperate to explore opportunities to integrate specialized reinsurance capabilities into Masdar’s global insurance programs, which will contribute to improving coverage, enhancing the efficiency of capital allocation, and benefiting from better pricing mechanisms across Masdar’s growing portfolio.
As Masdar’s activities expand across six continents, and its business diversifies into many areas, including solar energy technologies, onshore and offshore wind energy, and green hydrogen, the new partnership will focus on developing smart, data-based models to manage risks and keep pace with this growth.
RIQ benefits from capital commitments exceeding $1 billion from International Holding Company and its strategic partners BlackRock and Lunet, giving it the ability to meet these needs by providing institutional capital and data-backed insurance underwriting, to provide comprehensive reinsurance solutions focused on infrastructure aligned with climate goals and emerging risk classes.
In addition to specialized solutions and capabilities, the two parties will evaluate opportunities for cooperation across the entire value chain in the insurance business, including risk engineering, initial insurance underwriting and claims management support, to ensure the necessary protection for clean energy projects from the construction stage to operation.
The MoU reflects this alignment of visions between two entities operating in Abu Dhabi that are committed to supporting global sustainability, digital innovation, and enhancing long-term resilience.
On this occasion, Mark Wilson, CEO of RIQ, said: “Masdar is a leading global company in the renewable energy sector, and this partnership reflects our shared conviction that the future of infrastructure must be more flexible and smart. At RIQ, we seek to shape the digital structure of the insurance economy of the future, to support investment in clean energy by directing capital with a more innovative approach and a deep analytical vision for risks. This cooperation constitutes tangible evidence of the pivotal role of the reinsurance sector and its ability to contribute effectively to the transformation process in the sector.” “Energy.”
For his part, Mazen Khan, Chief Financial Officer of Masdar, said: “As Masdar continues to expand its activities and enhance its global presence in the field of clean energy, we recognize the need to apply innovative financial and administrative solutions to deal with risks, commensurate with the size and quality of our investments. Through our partnership with RIQ, we seek to enhance flexibility and reliance on artificial intelligence technologies in our various operations, so that we can provide better protection for our assets and improve the efficiency of capital allocation. We look forward to this cooperation to develop qualitative solutions for managing These risks contribute to supporting our goal of raising the production capacity of our projects to 100 gigawatts by 2030.”
RIQ is headquartered in Abu Dhabi Global (ADGM), where it is in the final stages of the process of obtaining regulatory approval from the Financial Services Regulatory Authority in Abu Dhabi Global (ADGM). During this stage, the platform may operate under temporary operating arrangements in cooperation with a local licensed entity to support reinsurance activities in their initial stages, until the full licensing and official classification procedures are completed.
The memorandum of understanding establishes a three-year cooperative framework for ongoing dialogue and joint implementation, supporting Abu Dhabi’s strategy to consolidate its position as a leading global center for financing climate action and managing risks based on artificial intelligence.
RIQ is developing its platform to become an influential global player in the reinsurance field, based on its capabilities enhanced by artificial intelligence, and its plans to reach $10 billion in annual insurance underwriting in complex and emerging risk categories.
The partnership between the two parties seeks to integrate advanced risk management solutions into clean energy projects, in a way that enhances insurance results and supports sustainable growth and the ability to expand and build capabilities.
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