Abu Dhabi National Oil Company (Adnoc Group) has entered into an agreement with RIQ, a newly created, artificial intelligence-driven reinsurance platform, to develop a preferred reinsurance partnership targeting more than $500m in risk coverage over the next decade.

The World Bank defines reinsurance as a financial transaction in which risk is transferred from an insurance company to a reinsurance company in exchange for a payment (known as the reinsurance premium). Providers of reinsurance, known as professional reinsurers, are entities exclusively dedicated to the business of reinsurance. In most jurisdictions, insurance companies are also permitted to participate in reinsurance. The terms of a reinsurance transaction are defined in a reinsurance treaty.

RIQ was launched in May by Abu Dhabi’s investment conglomerate, International Holding Company (IHC), in partnership with US-based asset management giant BlackRock and Abu Dhabi-based alternative investment firm Lunate.

Sultan Al-Jaber, UAE minister of industry and advanced technology and Adnoc Group managing director and CEO, is the chairman of RIQ, while Mark Wilson, the former CEO of Aviva and AIA insurance group, is the company’s CEO.

RIQ is currently undergoing the regulatory process of registration with Abu Dhabi Global Market (ADGM).

Under its agreement with Adnoc Group, RIQ will structure capital-efficient coverage across complex operational, climate-related and specialty risk classes. The platform will leverage advanced data modelling, AI-augmented underwriting and deep analytics “to meet the demands of an increasingly sophisticated risk landscape”.

The deal with Adnoc creates a collective trajectory of over $1bn in reinsurance premiums committed through RIQ’s platform over the coming decade.

RIQ expects to close more deals in the coming months under its global buy-and-build strategy.

“With over $1bn in equity commitments from IHC and partners BlackRock and Lunate, and anchored in AI-native infrastructure, RIQ aims to ultimately write $10bn per year, redefining the future of reinsurance through intelligence, scale and strategic discipline,” the firm said.

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