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Blockchain JV B3i Raises USD 16m

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B3i raised about $16 million in February 2019, bringing its total capital to over $22 million. B3i is a blockchain startup owned by some of the world’s largest insurance companies.

Slightly more than half of the new capital came in the form of cash, with the rest coming as converted debt. B3i had previously raised 6.3 million Swiss francs in March 2018.

B3i’s founding shareholders include Aegon, Allianz, Munich Re, Swiss Re, Tokio Marine, XL Catlin and Zurich.

The firm aims to use distributed ledgers to streamline fragmented back-office processes and claims handling. In March 2018, the consortium was transformed into an independent company, in order to commercialize some of the solutions it had developed.

New board members

The firm also added new executives to its board.

Of note is Theo Bachmann, a managing director and the head of P/C insurance underwriting at Swiss Re who replaces Gerhard Lohmann, CFO of reinsurance at Swiss Re. Also of note is the appointment of Daniel Quermia, CFO and director at Spanish reinsurance company Mapfre RE; Mapfre is not an existing shareholder of B3i.

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