Bermuda - World’s first technology-driven insurance and reinsurance risk and capital exchange
ChainThat launches the world’s first technology-driven insurance and reinsurance risk and capital exchange
HAMILTON, Bermuda. 05 March 2019: A revolutionary blockchain 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.
A specialist provider of blockchain solutions for the insurance and reinsurance markets, ChainThat will today, 5 March 2019, unveil the insurance and reinsurance industry’s first Distributed Ledger Technology (DLT) driven risk and capital exchange, called the Bermuda Insurance Exchange.
The exchange is expected to go live with a production trial in July 2019. The exchange will allow the transfer of risk and capital between direct insureds, brokers, cedants and captive insurers and insurance, reinsurance, industry loss warranties (ILW) and insurance-linked securities (ILS).
“We are delighted to be unveiling this exchange that will cut frictional costs and allow brokers, reinsurance and insurance companies access to the capital markets using blockchain,” said David Edwards, Chief Executive Officer of ChainThat. “This is an opportunity for Bermuda to establish itself as the most advanced insurance market in the world.”
The Bermuda Insurance Exchange will be implemented in stages, initially providing the framework for a traditional reinsurance market, including placement, accounting, settlement and claims. The next stage will be the introduction of new capital, supporting the same processes for ILS. Following on from that, ChainThat will introduce the ability to support securities and warranties and ultimately provide trading of these instruments.
“The exchange will enable the existing market participant businesses, brokers and risk carriers, to develop and market new competitive products and extend their distribution reach like never before,” said Rebecca Oliver, Business Development Director, ChainThat.
She added: “Cost control and innovation are the two big issues that are being discussed in insurance board rooms around the world. By automating the current operational framework, we believe the Bermuda Insurance Exchange provides the insurance and reinsurance market with the opportunity to both maintain margins while reducing pricing to the insured. In turn, this will increase business performance and global competitiveness.”
Other regional insurance hubs are also planned which will enable brokers, insurers and reinsurers to more easily form business networks across the globe. ChainThat is holding a presentation on the Bermuda Insurance Exchange and what it will mean for the industry at the Hamilton Princess in Bermuda later today, 5 March.
ChainThat, established in 2015, has become a leading InsureTech company that uses blockchain (Distributed Ledger Technology) and smart contracts to help the insurance and reinsurance market deliver transformational business efficiency and cut frictional costs.
Issued by Rein4ce on behalf of ChainThat
For further information and enquires relating to this press release please contact: Caitlin Jennings – firstname.lastname@example.org +44 (0)7568 572367
ChainThat is a provider of insurance blockchain solutions. Working with business leaders across the insurance industry they provide real-world applications of blockchain that deliver on the promise of innovation covering the full value chain of commercial and speciality insurance & reinsurance. ChainThat has strategic support and financial backing from Xceedance, the global insurance consulting, managed services and insurtech company with offices around the world.
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