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).
The 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.
