Written by Gérard Al-Fil, Dubai

BlackRock, the world's largest asset manager, and Abu Dhabi's state-owned investment company IHC have launched a new reinsurance company and invested $1 billion in it. A well-known oil industry veteran has been appointed chairman.

The joint venture between BlackRock and IHC (International Holding Company) doesn't yet have a name, but its business scope has been clearly defined, according to Bloomberg.

The US-Emirati reinsurer will provide underwriting capabilities and pursue an acquisition strategy targeting initial liabilities of over $10 billion.

Both sides agreed on Sultan Al-Jaber, CEO of the state-owned oil company ADNOC, as chairman. The financial services provider will also focus on property and casualty (P&C) insurance, life insurance, and specialty insurance products.