Blackrock and Abu Dhabi Launch Reinsurance Venture
The asset manager and Abu Dhabi’s sovereign wealth fund are entering the reinsurance business. An industry veteran from the oil sector will serve as chairman.
Written by Gérard Al-Fil, Dubai
BlackRock, the world's largest asset manager, and Abu Dhabi's state-owned investment company IHC have launched a new reinsurance company and invested $1 billion in it. A well-known oil industry veteran has been appointed chairman.
The joint venture between BlackRock and IHC (International Holding Company) doesn't yet have a name, but its business scope has been clearly defined, according to «Bloomberg».
The US-Emirati reinsurer will provide underwriting capabilities and pursue an acquisition strategy targeting initial liabilities of over $10 billion.
Both sides agreed on Sultan Al-Jaber, CEO of the state-owned oil company ADNOC, as chairman. The financial services provider will also focus on property and casualty (P&C) insurance, life insurance, and specialty insurance products.
