RIQ Reinsurance has announced a strategic partnership with ADNOC aimed at developing a preferential collaboration in the reinsurance sector. This venture is set to cover risks exceeding $500 million over the next decade.
Originally launched earlier this year by the Global Holding Company in collaboration with BlackRock and Lunit, RIQ will establish its headquarters at the Abu Dhabi Global Market, providing a comprehensive range of reinsurance solutions.
Under this agreement, RIQ will closely collaborate with ADNOC to design more effective insurance solutions tailored to allocate capital efficiently. This includes addressing complex operational risks and climate-related challenges, along with specialized risk categories.
The platform leverages advanced data models and AI-enhanced underwriting capabilities along with sophisticated analytical tools to meet the growing demands of the reinsurance sector.
This partnership with ADNOC, along with the recent strategic alliance between RIQ and the Global Holding Company, lays the groundwork for a joint commitment aiming for reinsurance premiums to exceed $1 billion through the RIQ platform within the next decade. These collaborations highlight Abu Dhabi’s rising status as a global hub for next-generation advanced reinsurance solutions that combine smart capital utilization with innovative technologies and structural risk management approaches.
RIQ is currently in the process of completing regulatory procedures to obtain its official license as a reinsurance company.
Ahmed Khalfan Al-Mansoori, Chairman of ADNOC Reinsurance, remarked that this partnership enhances the operational resilience of ADNOC’s operations by enabling the design of reinsurance solutions aligned with the evolving nature of industrial and climate-related risks. He added that utilizing RIQ’s platform will empower ADNOC Reinsurance to strengthen its risk management capabilities and ensure the continuity of its operations amid the rapidly changing landscape of the global energy sector.