Swiss Re has signed a memorandum of understanding (MoU) with RIQ to co-develop reinsurance capacity solutions, pursue new risk origination opportunities, and expand AI-enabled capabilities in the United Arab Emirates.
RIQ was launched in June by International Holding Company, in partnership with BlackRock and Lunate, and is headquartered in the Abu Dhabi Global Market.
Under the MoU, Swiss Re and RIQ plan to collaborate on capacity solutions and explore a wider range of cooperative initiatives over the medium and long term. The companies are framing the arrangement as a way to combine traditional reinsurance balance sheet strength with technology-led risk selection and structuring.
RIQ has already entered into a preferred reinsurance agreement with IHC that targets more than US$500 million in risk coverage over the next decade, using AI-enabled underwriting and data modeling in higher-volatility lines.
Backed by more than US$1 billion in equity commitments and plans to scale up to US$10 billion in annual premiums, the platform is positioning Abu Dhabi as a hub for structured risk transfer into global markets.
RIQ chief executive Mark Wilson said the tie-up is designed to bring together capital, analytics and technology for structured reinsurance solutions. “Swiss Re brings unparalleled expertise and a shared belief in what reinsurance can become when capital, data, and technology converge,” Wilson said.
Swiss Re Group chief executive Andreas Berger said the collaboration is grounded in the reinsurer’s existing work on data and technology.
“This collaboration builds on Swiss Re’s deep risk expertise, strong data foundation and early adoption of AI,” Berger said, adding that the parties aim “to realize an AI-native reinsurance platform and further strengthen our engagement in this dynamic region.”
The collaboration also aligns with a UAE insurance sector that is projected to grow by up to 20%, after a 21% increase in insurance revenue in 2024 and record flood losses that tested local balance sheets.
Berger also pointed to potential product development opportunities in the UAE and surrounding markets. By combining their capabilities with the region’s “strong innovation drive and vibrant insurance market,” he said, the partners can “explore novel risk-transfer instruments, creating new ways to support our clients through peak risks.”
For Swiss Re, the tie-up with RIQ sits alongside other AI initiatives, including its Underwriting Ease platform, which combines AI with human expertise to streamline complex life insurance reviews.
