Latest news with #SyedBasarShueb
Yahoo
5 days ago
- Business
- Yahoo
IHC unveils RIQ as new reinsurance platform name in Abu Dhabi's ADGM
IHC, a global investment company, has unveiled Reinsurance Intelligence Quotient (RIQ) as the official name of its new reinsurance platform, based in Abu Dhabi Global Market (ADGM). This follows IHC's recent announcement of its collaboration with BlackRock and Lunate, with the aim to establish a reinsurance platform. The platform will cater to the reinsurance needs of the future, focusing on property and casualty (P&C), life and specialised market segments, with an emphasis on high-growth markets. RIQ's strategy is to utilise AI for improved risk selection, cost management and customer service. RIQ is progressing through the final regulatory approvals with the Financial Services Regulatory Authority (FSRA) of ADGM and is gearing up for operational readiness. Additionally, RIQ's Board of Directors has been formed, chaired by Sultan Ahmed Al Jaber. The board features figures such as Mohamed Hassan Alsuwaidi, Syed Basar Shueb, Sofia Abdellatif Lasky and Mark Wilson. RIQ CEO and IHC Board member Syed Basar Shueb said: 'RIQ is the embodiment of IHC's vision to invest in the next frontier of global financial services. Backed by AI, robust capital and strategic alignment with world-class partners, RIQ is set to elevate the insurance and capital markets ecosystem across the region and beyond.' The platform's foundation in AI is intended to provide real-time insights and enhance underwriting precision. RIQ has secured more than $1bn (Dh3.67bn) in initial equity commitments and aims to manage more than $10bn in liabilities. RIQ CEO Mark Wilson stated: 'We are proud to officially launch RIQ. Our new name signals our long-term commitment to building a high-performance, AI-native reinsurance company with the scale and agility to lead in a rapidly changing world. 'Our board's collective experience and our strategic partnerships provide an exceptional foundation for sustainable global growth.' "IHC unveils RIQ as new reinsurance platform name in Abu Dhabi's ADGM " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fintech News ME
5 days ago
- Business
- Fintech News ME
IHC Launches AI-Powered Reinsurance Platform RIQ in Abu Dhabi
International Holding Company (IHC), a global investment firm, has announced the official launch of Reinsurance Intelligence Quotient (RIQ), a reinsurance platform based in Abu Dhabi Global Market (ADGM). This follows an earlier announcement and reflects the joint efforts of IHC, BlackRock, and Lunate to expand in the global insurance sector through the use of technology and strategic collaboration. RIQ integrates AI with sector expertise to offer reinsurance solutions across Property and Casualty (P&C), Life, and specialised segments, beginning with high-growth markets. The platform aims to enhance risk selection, cost efficiency, and service delivery by leveraging AI-driven tools. The company has formed a Board of Directors chaired by Dr Sultan Ahmed Al Jaber. The board includes H.E. Mohamed Hassan Alsuwaidi, Syed Basar Shueb, Sofia Abdellatif Lasky, and Mark Wilson. RIQ is currently finalising regulatory requirements with the Financial Services Regulatory Authority (FSRA) of ADGM. Supported by over US$1 billion in initial equity commitments and targeting over US$10 billion in liabilities, RIQ is structured to operate as an AI-native platform. Its capabilities include real-time data analysis, underwriting improvements, and capital deployment strategies. Syed Basar Shueb, CEO of IHC and RIQ board member, added: 'RIQ is the embodiment of IHC's vision to invest in the next frontier of global financial services. Backed by AI, robust capital, and strategic alignment with world-class partners, RIQ is set to elevate the insurance and capital markets ecosystem across the region and beyond.' As RIQ moves towards full operations, it plans to expand its technical capabilities, grow its workforce, and develop selected partnerships with the continued support of BlackRock and Lunate.
Arabian Post
14-06-2025
- Business
- Arabian Post
AI‑Powered 'RIQ' Sets New Reinsurance Benchmark
Arabian Post Staff -Dubai Abu Dhabi‑based IHC, in collaboration with BlackRock and Lunate, has officially launched Reinsurance Intelligence Quotient—RIQ—a global, AI‑native reinsurance platform headquartered in the Abu Dhabi Global Market. Anchored by over US $1 billion in initial equity, RIQ aims to underwrite more than US $10 billion in liabilities, spanning property and casualty, life, and specialty lines. The platform unites human talent with advanced artificial intelligence to refine risk selection, cost control, underwriting, and customer service. Its AI core provides real‑time insights and precision decision‑making, seeking to optimise capital deployment on a global scale. Registered with the Financial Services Regulatory Authority of ADGM, RIQ is in the final stages of securing full regulatory approval. ADVERTISEMENT The board of directors, chaired by Dr Sultan Ahmed Al Jaber, includes notable figures such as Syed Basar Shueb, H E Mohamed Hassan Alsuwaidi, Sofia Abdellatif Lasky, and RIQ CEO Mark Wilson, former leader at Aviva and AIA. The governance structure positions RIQ to balance regional expertise with global vision, leveraging its strategic partners. The initiative builds on a May plan unveiled by IHC, BlackRock, and Lunate to establish an AI‑powered reinsurer targeting US $10 billion in liabilities with over US $1 billion in capital. BlackRock will contribute its Aladdin technology and insurance asset management services, while Lunate brings private and public market investment capabilities. IHC CEO Syed Basar Shueb has emphasised the venture's role in accelerating Abu Dhabi's and the wider region's nascent insurance and capital market ecosystems. 'RIQ is the embodiment of IHC's vision to invest in the next frontier of global financial services,' Shueb stated. Meanwhile, RIQ CEO Mark Wilson described the platform as purpose‑built for a changing market, combining speed and flexibility backed by deep capital. Dr Al Jaber, who also serves as UAE's minister of industry and advanced technology, said the platform would 'connect global capital with high‑growth markets, all from the heart of Abu Dhabi's thriving financial centre'. This reflects a broader strategic push by Abu Dhabi to position itself as a hub for innovative financial services and AI‑driven offerings. Analysts have observed that RIQ's AI‑native architecture could challenge traditional reinsurance models, where legacy systems often hinder real‑time pricing accuracy and capital efficiency. With global risk landscapes evolving due to climate change, cyber threats, and geopolitical instability, the deployment of AI in underwriting and risk transfer represents a notable shift in industry norms. Industry commentators note that IHC, already one of the region's largest investment houses, continues to accelerate its diversification strategy, adding reinsurance to its growing portfolio that spans technology, energy, real estate, healthcare, and food production. Its ability to marshal more than US $455 billion in assets and maintain tight ties to the Abu Dhabi ruling establishment adds strategic depth to RIQ's capital and governance framework. Key trends marking this launch include the convergence of finance and bleeding‑edge technology, a stronger regional emphasis on insurance capacity, and elevated geopolitical importance of financial resilience. RIQ is set to capitalise on these developments, channeling global capital into emerging markets, while establishing Abu Dhabi as a next‑generation centre for financial innovation.
Al Etihad
27-05-2025
- Business
- Al Etihad
IHC extends share buyback programme until the year-end
27 May 2025 18:06 REDDY (ABU DHABI)International Holding Company (IHC) has received approval to extend its Dh5 billion share buyback programme until December 31, 2025, according to a stock market filing issued on announced on November 14, 2024, the programme was designed to be executed in phases over one year. The first tranche, valued at Dh1.8 billion, began on November 18 last year. The second tranche, worth Dh1.5 billion, was launched on March 18. With the second phase still underway, the buyback period has now been extended until the end of this to queries from Aletihad, an IHC spokesperson confirmed that a third tranche of the share buyback programme would be initiated upon completion of the ongoing second phase. So far, 6,955,602 shares have been repurchased, though the company has not disclosed their exact value. However, based on an average price of Dh401 per share, the total value of shares bought back so far is estimated at Dh2.789 billion, leaving approximately Dh2.221 billion in buybacks remaining under the buyback initiative is aimed at enhancing shareholder value and maintaining an efficient capital structure. At the time of launch, IHC's Managing Director, Syed Basar Shueb, described the move as part of the company's long-term commitment to generating value for its per previous disclosures, all repurchased shares are to be held as treasury shares without voting rights. If these shares are not resold within two years, they will be cancelled, and the board will pass a resolution to reduce IHC's share capital to the latest stock market data mentioned in the filing, IHC's market capitalisation stands at Dh881.8 billion. The company's free float of shares, as per the August 7 disclosure, is 38.48 Holding Company (IHC) has received approval to extend its share buyback programme until December 31, 2025, the company said in stock market filing on Monday. IHC, established in 1998 to develop Abu Dhabi's non-oil sectors, announced on November 14, 2024 that it had launched a Dh5 billion share buyback programme, set to take place in phases over a year. A first tranche of Dh1.8 billion buyback commenced on November 18 of the previous year. A second tranche buyback, worth Dh1.5 billion, began on March as the second phase of the buyback is in progress, the deadline for the progamme is extended until the year-end. In specific replies to Aletihad inquires, an IHC spokesperson said the third tranche of the share buyback programme will be launched as soon as the second tranche buyback is wrapped. He said a total of 6,955,602 shares were bought back so far without specifying their value. But going by the average price of Dh401 per share, the value of shares bought back amounts Dh2.789 billion, leaving approximately Dh2.221 billion worth shares to be bought back in the remaining period. According to an August 7 stock market filing, the free float of shares stands at 38.48%. The purpose of the buyback programme is to enhance shareholder value and maintain an efficient capital structure. Syed Basar Shueb, Managing Director of IHC, stated that the programme reflects the company's commitment to generating long-term value for shareholders at the time of the launch of the programme. According to a previous filing, all repurchased shares will be held as treasury shares without voting rights. If these treasury shares are not sold back within two years, they will be cancelled, and the board will pass a resolution to reduce the company's share capital accordingly. As per the latest data mentioned in the text, IHC's market capitalisation was Dh881.8 billion.
The National
23-05-2025
- Business
- The National
Abu Dhabi's IHC to double assets to $218bn by 2030, CEO says
International Holding Company (IHC), the largest listed company in the UAE, aims to double its asset base to Dh800 billion ($218 billion) and hit the Dh200 billion annual revenue mark by the end of the decade, driven by its acquisition spree, its chief executive said. The company, whose board is chaired by Sheikh Tahnoon bin Zayed, is keen to expand its portfolio of assets in the US, India and fast-growing economies in the Central Asian region. Acquisitions as well as developing new businesses are part of the aggressive assets growth investment strategy the Abu Dhabi-listed company is following, Syed Basar Shueb told The National on the sidelines of the Make it in the Emirates summit in Abu Dhabi. 'Way before 2030" is the target perhaps in 2029, and 'we will double it, that's for sure', he said of the potential timeline for doubling the company's portfolio of assets. The UAE, the Arab world's second-largest economy, accounts for 60 per cent of the company's Dh416.5 billion asset base as of the end of the first quarter of this year,while the rest is spread across the region and the markets beyond. Mr Shueb, however, expects this ratio to inverse in the next 10 years, with the company's foreign asset portfolio accounting for about '60 per cent to 70 per cent' with the UAE hosting the rest. 'Earlier we were doing a lot of acquisitions, now we are developing new businesses very fast,' he said. The Abu Dhabi-headquartered conglomerate is a frontline company in the emirate's push to diversify its non-oil business sectors and has grown rapidly to become one of the most valuable listed holding companies in the broader Middle East and North Africa region. IHC, which has a market capitalisation of Dh883 billion, has been on an investment spree buying businesses as well as acquiring fast-growing companies over the past few years in the UAE as well as in markets across contents. Earlier this month, the company announced the launch of a $1 billion reinsurance company in partnership with the world's biggest asset manager BlackRock. It also established a new holding company 2PointZero with more than $27 billion in assets in January. IHC also revealed plans to set up a new infrastructure platform 'Gridora' in partnership with Abu Dhabi's state holding company ADQ and Modon for the development of new infrastructure projects in the UAE and markets around the globe. The company's acquisitions this year include buying Egypt's microfinance platform Maseera, with a pledge to invest $1 billion in the next five years to support its expansion. 'Acquisition is a daily thing … what we are reviewing right now is at least 50 [acquisition transactions] in multiple sectors and different geographies,' he said. Mr Shueb did not give details about the potential size of investments it plans to make on acquisitions, but said those deals will be funded through the company's own balance sheet as IHC has sufficient cash on hand for financing. Founded in 1998, IHC operates through more than 1,300 subsidiaries and aims to expand and diversify its holdings in sectors including asset management, health care, property and construction, marine and dredging, IT and communications, financial services, food production, utilities and services. Some of the companies under its umbrella include Abu Dhabi's biggest listed developer Aldar Properties, Modon Properties, Adnec Group, Presight, Al Seer Marine and NMDC Group. US and India in focus In terms of the geographic focus of its investments, the company is seeking deals in the US and India, Asia's third-largest economy. It has $60 billion worth of investments in the US alone, including in companies such as SpaceX and Ardent Healthcare. Within the next decade, IHC plans to boost its US investment by another $40 billion to $50 billion and ultimately aims to hit the total investment target in the world's biggest economy of about $120 billion, Mr Shueb said. In India, it will invest up to $110 billion, while in the CIS or Far East countries, investments are expected to be in the range of $50 billion over the same period. Data centres, renewable energy, nuclear as well as building infrastructure projects are the priority sectors of investment for the company, he added. In the US, IHC is keen to develop small modular nuclear reactors in partnership with other companies as well as buy established businesses to further expand its footprint. 'We are talking with a few players [on small modular reactors]. It's at a very advanced stage," he said. In India, the company has a partnership with Adani Group, owned by billionaire Gautam Adani, and IHC 'values that partnership a lot, and we are expanding with them", Mr Shueb said. 'India is one of the major markets for us,' he said, adding that a bulk of IHC international expansion, other than the US, is set to take place through partnerships. Potential IPOs A number of IHC units are listed on the Abu Dhabi Securities Exchange, where its own shares trade, including Modon, Multiply Group, Al Seer Marine and Alpha Dhabi Holding. The company plans to list more of its subsidiaries on the Abu Dhabi bourse, Mr Shueb said. The newly created company 2PointZero is among the companies being lined up for public floats and the listing could take place at the 'beginning of the second half', he said without giving further details on the stake being sold and how much IHC plans to raise in funding through the deal. Dh200bn revenue target by 2030 The company's aggressive growth strategy will also help it more than double its annual revenue to Dh200 billion by the end of this decade, he said. IHC reported Dh92.6 billion in revenue by the end of last year and Mr Shueb said 'if we cross Dh200 billion, we will be in great shape'. The continued growth of the UAE economy as well as new opportunities in the US will help it achieve its revenue target, he said. Opening of regional economies, including Syria, is also expected to provide new investment opportunities for IHC. 'There's a lot of development required there. Hopefully, other countries will also open up soon,' he added. Last week, the US announced lifting of economic sanctions on Syria, paving way for more investments in the country.
