B3i, the blockchain insurance venture backed by more than twenty insurers and reinsurers, is to shut down. The company was incorporated in Switzerland in 2018, and its funding came entirely from insurance firms. An inability to close a further funding round triggered the insolvency. Its most recently announced funding was a Series B in late 2020 of an undisclosed amount, following a Series A of more than $20 million.
The founding insurers were Zurich, Swiss Re, Generali, Allianz, XL Innovate, SCOR, Aegon Blue Square, MAPFRE and Achmea.
A key question is whether this failure will be attributed to another large consortium, the technology, timing, agility, or something else. Consortia are notoriously hard.
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