Reinsurance News
blockchain
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 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
Innovative tech & new markets suggest continued growth for L&G Re: CEO, Olunloyo
21st May 2020
L&G Re, the global reinsurance arm of L&G, has experienced rapid growth in recent years, and the life reinsurer’s increased focus on advanced technology points to continued expansion for the company and the wider pension risk transfer (PRT) market, according to Chief Executive Officer (CEO), Thomas Olunloyo. In an interview with ... 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
Crypto exchange Bittrex secures $300m cold storage cover
3rd February 2020
US blockchain technology and cryptocurrency exchange Bittrex has obtained digital asset insurance of up to $300 million for its cold storage system. Bittrex worked closely with Marsh in placing cover with Arch Syndicate 2012, which provides protection from external theft and internal collusion. The company was approved for the coverage after successfully ... Read the full article
WNS launches blockchain-enabled risk syndication solution
30th January 2020
WNS, a provider of Business Process Management services, has launched a blockchain-enabled risk syndication solution. Powered by IBM Hyperledger, WNS VeriChain is designed to address complexities and challenges in the syndicated insurance market. The solution leverages decentralised ledger technology to enable specialty insurers to execute secure transactions in a multi-party ecosystem. It offers ... Read the full article
The Institutes launches blockchain innovation hub
20th January 2020
The Institutes RiskStream Collaborative, the industry’s largest enterprise-level blockchain consortium, has created a new hub designed to accelerate innovation. 'RiskStream Labs' will serve as a resource for both member and nonmember organisations and will be dedicated to quickly vetting and advancing blockchain initiatives, specifically at the proof-of-concept phase. Headed by RiskStream Collaborative ... Read the full article
Arch & Marsh develop $150mn policy for crypto security firm Ledger
15th November 2019
Arch Insurance (UK) Limited and Marsh have collaborated to provide a customised crime insurance program that covers digital assets secured by the Ledger Vault platform. Ledger Vault is a core business unit of Ledger, a security firm for cryptocurrencies and blockchain applications. It provides information technology infrastructure for financial institutions to securely ... 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
RGAX partners with Mutual of Omaha on blockchain-powered workflows
8th October 2019
RGAX, a subsidiary of Reinsurance Group of America, Incorporated, has partnered with primary carrier Mutual of Omaha to explore reinsurance workflows powered by blockchain technology. The parties completed a proof of concept that the allowed them to experiment with the automation of reinsurance transaction using distributed ledger and smart contract technology. The ... Read the full article
Marsh trials blockchain-powered placement platform
25th September 2019
Global re/insurance brokerage Marsh has announced plans to pilot a new digital placement platform powered by blockchain technology, called Risk Exchange. The Risk Exchange concept was proposed by a winning Marsh hackathon team and further developed in Marsh Digital Labs. The broker believes the platform has the potential to transform the insurance ... 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
Aon & Oxfam launch blockchain-based insurance for farmers in Sri Lanka
1st July 2019
Re/insurance broker Aon has partnered with Oxfam and insurtech firm Etherisc to launch a blockchain-based insurance platform for smallholder farmers in Sri Lanka. Nearly 200 farmers have been enrolled in the solution, which aims to deliver micro-insurance for paddy field farmers who are at risk of losing their crops due to ... Read the full article
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