Image: ADGM/ For illustrative purposes
International Holding Company (IHC) has officially introduced its new global reinsurance platform, named Reinsurance Intelligence Quotient (RIQ).
This platform is based in the Abu Dhabi Global Market (ADGM), a prominent financial hub located in the capital of the UAE.
The announcement comes on the heels of last month’s rollout of the platform and signifies a significant milestone in an alliance between IHC, BlackRock, and Lunate, aiming to innovate and transform the global insurance industry through collaboration and scale.
Key Responsibilities of RIQ
RIQ aspires to be a cutting-edge reinsurance firm, leveraging a combination of artificial intelligence and human experience to improve global risk transfer.
Its AI-driven framework is crafted to boost underwriting precision, capital distribution, and timely decision-making.
The platform intends to provide reinsurance solutions across various sectors, including Property and Casualty (P&C), Life, and other specialized markets, with an emphasis on rapidly growing areas. RIQ’s approach highlights the impact of AI in enhancing risk evaluation, operational efficiency, and customer service.
The Board of Directors for RIQ will be led by Dr. Sultan Ahmed Al Jaber, alongside members Mohamed Hassan Alsuwaidi, Syed Basar Shueb, Sofia Abdellatif Lasky, and Mark Wilson.
“With the launch of RIQ, we are making a significant move towards shaping the future of global insurance,” stated Al Jaber. “This initiative symbolizes our desire to create a reliable, technology-driven reinsurance leader that connects global capital with fast-evolving markets, all from the heart of Abu Dhabi’s dynamic financial landscape.”
The company is currently finalizing regulatory approvals with the Financial Services Regulatory Authority (FSRA) of ADGM in preparation for a full operational launch.
Backed by over $1 billion in initial equity, RIQ aims to manage liabilities exceeding $10 billion. Supporters of the platform assert that it is designed to revolutionize both regional and worldwide reinsurance sectors.
“RIQ represents IHC’s ambition to invest in the next generation of global financial services,” remarked Syed Basar Shueb, CEO of IHC and a board member of RIQ.
Mark Wilson, CEO of RIQ, added, “Our new name reflects our long-term dedication to establishing a high-performance, AI-centric reinsurance company equipped to thrive in a rapidly evolving marketplace.”
Moving forward, RIQ will continue to expand its team, seek strategic partnerships, and enhance its global capabilities with ongoing support from BlackRock and Lunate.