Artemis ILS NYC 2020

Menu

Reinsurance News

IRB Brasil Re to take 8.93% stake in B3i for €3.5mn

6th August 2019 - Author: Luke Gallin

Brazilian reinsurer IRB Brasil Re has announced that it is looking to acquire an 8.93% stake in the Blockchain Insurance Industry Initiative (B3i) for €3.5 million (USD 3.9 million).

irb-logoThe announcement was made by the company’s Deputy Chief Executive Officer (CEO), Chief Financial Officer (CFO) and Director of Investor Relations, Fernando Passos, who said the company had signed a subscription form for the B3i shares.

The investment sees IRB Brasil Re become the only firm in Latin America to hold a stake in B3i, alongside a number of global reinsurance companies.

“The interest in B3i’s share capital will allow IRB Brasil Re to have the right to appoint a member to the company’s Board of Directors, with a relevant involvement in B3i’s strategic guidance,” explained Passos.

€3.5 million for a just under 9% stake in the company suggests that B3i is valued at around €40 million (USD 45 million).

Following market collaboration to test and build the solution, B3i recently announced the release of v1.0 of its Property Catastrophe Excess of Loss Reinsurance solution, which is designed to make insurance more efficient.

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous article:
Hudson Structured adds Rachel Bardon as Partner, Chief Actuary

Hudson Structured Capital Management Ltd., the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, has named Rachel Bardon as...

Close