Ten days ago Ledger Insights
revealed that the Blockchain Insurance Industry Initiative, B3i had raised $20 million, but the round may not yet be complete. Today B3i has
confirmed that three new insurers have joined the “current funding round” and did not disclose figures. The new investors, all reinsurers, are Mapfre Re, Deutsche Rück and VIG Re, increasing the number of shareholders to 16. The original funding target was rumored to be $200 – 300 million.
B3i aims to gain efficiencies and enhanced security by using
R3 Corda’s distributed ledger technology (DLT).
“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,” said Antony Elliott, B3i’s new chairman and Group Head of Business Transformation at Zurich. “B3i will continue to expand its shareholder and user base over the next several months as the initial products are rolled out.”
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Image Copyright: B3i
