The Blockchain Insurance Industry Initiative (B3i) has announced the addition of three new shareholders, which, alongside existing investors are participating in the current funding round.
The new additions are Mapfre Re, Deutsche Rück, and VIG Re, and take the total number of B3i shareholders to 16.
It was revealed recently that B3i now has total capital of more than $22 million, after raising a further $16 million over the last month. Industry reports have suggested that B3i has been looking to raise between $150 – $200 million in funding.
The firm has established a Board of Directors made up of nine senior executives of the investor companies, which represent the first customers of B3i.
Antony Elliott, Group Head of Business Transformation at Zurich and the new Chairman of the B3i Board of Directors, commented: “B3i’s community of shareholders and other network participants exceeds 40 companies who represent over half the world’s reinsurance premium and major primary insurers.
“B3i will continue to expand its shareholder and user base over the next several months as the initial products are rolled out. I would like to thank my predecessor Gerhard Lohmann for his tireless efforts to bring this concept to reality as founding chairman of B3i.”
According to B3i, its first product, which is an excess of loss reinsurance offering, is currently being evaluated by a number of insurers, reinsurers and brokers. At the same time, invitations for the second wave of participants are currently being extended, with the production platform expected to be available in the fourth-quarter, before adoption in real business renewals at year-end.
“We are pleased to have strong ongoing financial and strategic support from the insurance industry. The company looks forward to addressing critical industry needs,” said Elliott.
The 16 B3i shareholders are: Achmea, Aegon, Ageas, Allianz, AXA, Deutsche Rück, Generali, Hannover Re, Liberty Mutual, Mapfre Re, Munich Re, SCOR, Swiss Re, Tokio Marine, VIG Re, and Zurich Insurance Group.