distributed ledger technology (DLT) News

B3i’s Blockchain Platform Places 30 Reinsurance Contracts, Including Cat XoL Treaties

B3i Services AG, a two-year-old company owned by members of the insurance industry, announced that 30 contracts of reinsurance have been concluded on its platform, including some of the most complex catastrophe excess of loss (XoL) reinsurance treaties. Nine insurers, …

B3i’s Blockchain Re/Insurance Network Begins to Offer Real-Life Industry Solutions

The author Douglas Adams once said, “We are stuck with technology when what we really want is just stuff that works.” Many of us can relate, especially with new technology such as distributed ledger technology (DLT), also known as blockchain, …

Blockchain Initiative, B3i, Deploys Cat Excess of Loss Product for January Renewals

B3i announced it has released the latest version of its property catastrophe excess of loss (XoL) reinsurance application in time for the January 2020 renewals. The product enables customers and their counterparties to negotiate terms, agree on rates and complete …

Facebook Loses Backers for Its Libra Digital Currency But Could Still Proceed

Facebook faces a rough road ahead with Libra, but defections by high-profile partners are still unlikely to spell the end for the digital currency. On Friday, Visa and MasterCard announced their departures from the Libra project, as did e-commerce giant …

Rethinking the Limits of Parametric Insurance

It’s time to rethink the limits of parametric insurance. The concept behind parametric insurance is not new. Insurance payouts automatically triggered by an event exceeding an index level have existed for decades. It’s traditionally been applied to events like natural …

China Pacific Insurance Joins Industry Blockchain Initiative, B3i

China Pacific Insurance Group (CPIC) has become the latest investor in B3i, the insurance and reinsurance industry’s blockchain initiative. CPIC’s membership further strengthens B3i’s representation across the global insurance market, said B3i, which now is supported by 18 major insurance …

Canadian Banks, Insurers Tap Blockchain Technology to Verify Client Identities

Canada is making a big leap in modernizing identity verification, tapping blockchain technology to let consumers digitally prove who they are to securely access banking and other personal services. SecureKey Technologies Inc.’s Verified.Me digital identity system is now available for …

ChainThat to Launch Blockchain-Driven Re/Insurance Risk Exchange in Bermuda

A blockchain-driven risk and capital exchange for the insurance and reinsurance market is set to be launched in Bermuda later this year by ChainThat. The exchange will allow broker, reinsurance and insurance companies access to the capital markets using blockchain. …

Greenlight Re Invests in Hong Kong-Based Blockchain Business

A division of Greenlight Capital Re has invested in a blockchain-related business based in Hong-Kong. The Cayman Islands-headquartered property/casualty specialist reinsurer said it pursued a strategic investment in Galileo Platforms through its Greenlight Re Innovations arm. Greenlight Re did not …

Industry Blockchain Initiative B3i Gets Ready to Go Live for January Renewals

The industry’s Blockchain Insurance Industry Initiative (B3i) announced a year ago it had developed a reinsurance blockchain prototype for a property excess-of-loss (XOL) contract and asked the industry to help test it. The initial results are in. Months of testing …