Bermuda Risk Exchange - 5th March 2019

It was a great pleasure to hold the first live showcase of the ChainThat Bermuda Risk Exchange with a wide representation from Brokers, Insurers, Reinsurers, Regulators, and government officials in Bermuda yesterday afternoon. We were humbled by the seniority and sheer number of attendees, with the opportunity to meet the Premier, the Hon David Burt.

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The event was kicked off by a personal and independent view from Dennis Mahoney (Dennis is not associated with ChainThat) on the opportunities & challenges that Bermuda faces now and in the future.

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With that context clearly set, we demonstrated our working platform to show how it could bring benefit to all participants. To bring this to life for the audience we executed a fully working, multi-participant demonstration showing :-

  • End-to-end lifecycle processing of an FAC XOL contract; covering Placement, Accounting, Settlement and Claims.

  • Treaty processing; with a focus on digital asset creation, and Accounting with automated premium adjustments & individual loss tracking.

  • Real-time working integration with ED Broking’s TradED platform.

  • Market Directory of all participants in the Exchange.

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We executed the demonstration of the platform in a live environment running on R3 Corda. This environment was hosted on island in with Fireminds, our local Bermuda partner.

R3’s Ryan Rugg, Global Head of Insurance, provided an overview of the recently released Corda Network and how R3 and ChainThat have worked very closely together over the last two years to make a DLT-based Insurance Exchange a reality.

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ChainThat, supported by our strategic partner Xceedance, are very excited at the opportunity to evolve our platform with the Bermuda community over the coming months. We anticipate the broadening of focus from reinsurance trading to extend into alternate risk transfer (ILS and ILW) and tokenisation of insurance assets - supported by innovative local Bermuda digital asset regulations. Our integration and data transformation capability, underpinned by our partnership with SendTechnology, ensures we can support all companies (large and small) to integrate with the platform whatever their stage of technology maturity.

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We are looking forward to the first production trials planned for July 2019.

Bermuda is uniquely placed, as a mutually incentivised and dynamic insurance community, to harbour and implement innovation. As the local saying goes, “Bermuda is an island, when the tide comes in all the boats rise up together”.

David Edwards