B3i Founders Incorporate Blockchain Startup
The Blockchain Insurance Industry Initiative (B3i) in March 2018 incorporated B3i Services AG in Zürich, Switzerland. B3i has been a collaborative initiative of 15 global insurers and reinsurers who came together in late 2016 to explore and test the potential of using Distributed Ledger Technologies within the re/insurance industry.
B3i Services will provide insurance solutions on a blockchain platform, striving for improved speed, transparency, quality, security, and cost. It completed its first product, a working blockchain prototype for property cat XoL (excess-of-loss) reinsurance contracts, in mid-2017. The first live trades are anticipated by the end of 2018.
Gerhard Lohmann, CFO of Reinsurance, Swiss Re has been appointed as chairman; members of the executive management team include Paul Meeusen, Fei Zhang, Sylvain De Crom, Markus Tradt and Ken Marke.
According to the company, “The incorporation is the starting point for the next stage of the initiative. [We] will be raising additional funds […] to create an ecosystem of products and services developed by the market, for the market”.
The founding shareholders include Achmea, Aegon, Ageas, Allianz, Generali, Hanover Re, Liberty Mutual, Munich Re, SCOR, Swiss Re, Tokio Marine, XL Catlin and Zurich Insurance Group.
Related post: B3i launches working reinsurance blockchain prototype