Greenlight Re Innovations, part of the specialist hedge fund backed property and casualty (P&C) reinsurer Greenlight Capital Re, has made a strategic investment in Galileo Platforms, a Hong Kong-based Platform as a Service (PAAS) business focused on emerging markets in Asia.
Greenlight Re Innovations believes the secure platform will reduce IT costs and eliminate high-cost, low-value components in the insurance distribution chain.
“The management team of Galileo has a unique combination of insurance leadership experience and expertise in applying distributed ledger technology to real world insurance applications,” stated Greenlight Re Chief Executive Officer Simon Burton.
“We are excited about this partnership and the opportunity to build a business of the future with Annette and Mark, as this aligns with our growth strategy which has technology and innovation at the heart of our business.”
This is the first announced investment by Greenlight Re Innovations since it was launched in March 2018 to seek technology and innovation opportunities relating to the re/insurance markets.
Galileo Platforms’ Co-founders Annette King and Mark Wales added, “We’re excited to have Greenlight Re as the lead investor for our Series A funding round.”
“We share a common vision that blockchain technology can transform the insurance industry, by enabling more agile product design, making transactions more transparent, and enabling real-time transactions amongst all the parties.”
