Reinsurance News
B3i
B3i conceptually interesting, but required end-to-end view: Swiss Re execs
29th July 2022
Executives at reinsurance giant Swiss Re have said this morning that while conceptually the Blockchain Insurance Industry Initiative (B3i) remains an interesting opportunity, it didn't seem like it was going to be profitable and required an end-to-end view. It was announced yesterday that B3i has filed for insolvency after failing ... Read the full article
B3i fails to raise new capital, enters insolvency
28th July 2022
The Blockchain Insurance Industry Initiative (B3i) has announced that it has filed for insolvency after failing to raise new capital in recent funding rounds. Formed in late 2016, B3i represented a collaboration between various insurers and reinsurers to explore the potential of using Distributed Ledger Technologies (DLT) within the industry. The Initiative ... Read the full article
Allianz & Swiss Re place first legally bound Cat XoL reinsurance DLT-contract, enabled by B3i
6th April 2022
Global insurer Allianz and Swiss Re, an international reinsurance company, have successfully placed the world's first legally bound catastrophe excess-of-loss (XoL) reinsurance contract on distributed ledger technology (DLT), enabled by B3i Re's live production network. The industry-led blockchain initiative, B3i, has been developing and enhancing its platform and solutions for some ... Read the full article
B3i to deliver DLT reinsurance solution for nuclear pools
8th September 2021
The Blockchain Insurance Industry Initiative (B3i) has been appointed to develop Distributed Ledger Technologies (DLT)-based solutions for the management of inter-pool reinsurance contracts. Six nuclear pools in North-Western Europe, namely France, Germany, Spain, Switzerland, UK and the Nordics (Sweden and Finland) hope to benefit from increased contract certainty, process efficiency and ... Read the full article
B3i partners with Eurapco on blockchain risk transfer solution
26th January 2021
The Blockchain Insurance Industry Initiative (B3i) has partnered with Eurapco, an alliance of eight primarily mutual European insurers, to launch a new risk transfer operational solution developed on blockchain infrastructure. The solution, called Eurapco Unity, will enable the transfer of facultative risks within a network of companies, focusing initially on marine ... Read the full article
B3i adds Türk Reasürans as shareholder in current funding round
16th December 2020
Industry-led blockchain initiative B3i has closed it ongoing Series B funding round with the addition of Turkey domiciled reinsurer Türk Reasürans as a new shareholder This new addition joins alongside further investments from existing shareholders and is seen by B3i as a step forward in its growth plans. B3i now boasts 21 leading ... Read the full article
B3i and msg partner on distributed ledger tech
10th December 2020
The Blockchain Insurance Industry Initiative (B3i) and msg, a German IT consulting and system integration company, have entered into a strategic partnership to develop reinsurance solutions based on distributed ledger technology (DLT). They will first focus on integrating SAP's and msg's joint solution into B3i’s network and services. Working together, the two ... Read the full article
B3i announces major enhancements to reinsurance solution
16th September 2020
The Blockchain Insurance Industry Initiative (B3i) has released several major enhancements to its reinsurance solution B3i Re. Formerly the Cat XoL placement product, B3i Re includes significant technical accounting functionality and a number of feature requests from B3i’s customers. Features include treaty tower parameter enhancements; multicurrency capabilities; cedent broker approval transactions; enhanced treaty ... Read the full article
B3i announces first live partner application on Fluidity platform
3rd August 2020
The Blockchain Insurance Industry Initiative (B3i) has partnered with Reinsurance Technical Accounting Blockchain (Ritablock) to launch the first live partner application on its B3i Fluidity platform. B3i’s Fluidity platform is designed to facilitate and accelerate the development and deployment of partner applications, interoperable within B3i’s distributed ecosystem. This gives partners access to ... Read the full article
B3i’s blockchain platform places 30 reinsurance contracts at 1/1
12th February 2020
The Blockchain Insurance Industry Initiative (B3i) has announced that 30 reinsurance contracts have now been concluded on its platform, with participants including Allianz Re and Generali. A total of 9 insurers, 4 major brokerage firms, and 8 reinsurers participated in the placements, which were conducted as a parallel run with the ... Read the full article
B3i deploys latest Cat XoL product
15th October 2019
The Blockchain Insurance Industry Initiative (B3i) has announced the deployment of its latest property catastrophe Excess of Loss application. B3i says the product is able to cover the majority of Cat XoL contracts transacted in the market today and provides customers with the ability to negotiate and manage contract workflows on ... Read the full article
China Pacific Insurance invests in B3i
22nd August 2019
The China Pacific Insurance Group (CPIC) has joined firms such as AXA, Munich Re, SCOR and Swiss Re in becoming a shareholder of the Blockchain Insurance Industry Initiative (B3i). B3i believes this investment from CPIC extends the breadth of the shareholder community and strengthens its representation across the global insurance market. GU ... Read the full article
IRB Brasil Re to take 8.93% stake in B3i for €3.5mn
6th August 2019
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 ... Read the full article
B3i releases v1.0 of its Cat XoL solution
31st July 2019
Following the creation of the first Corda 4.0 node, the Blockchain Insurance Industry Initiative (B3i) has announced the release of v1.0 of its Property Catastrophe Excess of Loss Reinsurance solution on the Corda Network. Following market collaboration to test and build the product, B3i has now released v1.0, which is designed ... Read the full article
B3i appoints John Carolin CEO
17th July 2019
The Blockchain Insurance Industry Initiative (B3i) has announced that after serving as interim Chief Executive Officer (CEO) since March, 2019, John Carolin will take on the position on a permanent basis. Carolin joined B3i in March, 2018 as Chief Financial Officer (CFO), and as interim CEO he oversaw the delivery of ... Read the full article
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