A Blockchain Insurance Consortium Successful Raises $16M
A blockchain startup called B3i was able to raise around $16 million last month. The company, which is reportedly owned by some of the largest insurance firms in the world, brought its total capital to more than $22 million after raising the said figure.
According to the official report, more than half of the aforementioned capital ($8.34 million) came directly in the form of cash. As for the rest, they reportedly arrived as converted debt. This is according to a filing sent to the Swiss Commercial Register.
It is worth noting that B3i also successfully raised at least 6.3 million Swiss francs or $6.35 million during the time it was officially incorporated back in March last year. Apparently, the firm did not give further comment, although it is believed to be seeking funds. There are even reports suggesting that the firm is targeting around $200 million.
Shuffling Board Members
The company also decided to shuffle its board members, adding new executives who hailed from existing consortium members. The CFO of reinsurance at the company named Gerhard Lohmann reportedly stepped down from the company board, with Theo Backmann replacing him. Bachmann, on the other hand, is the head of the property and casualty (P&C) and even the managing director of the insurance underwriting center at Swiss Re.
Daniel Quermia is perhaps the only new addition to the board member who did not necessarily come from an existing shareholder in the company. Quermia is the director and CFO at MAPFRE RE, an insurance company based in Spain.
Interestingly, B3i has some heavyweight shareholders on its resume, with Munich Re, Allianz, and Aegon being among them. It also included the likes of Zurich, XL Catlin, Swiss Re, and Tokio Marine.
The firm is looking to utilize distributed ledgers in an attempt to streamline fragmented back-office processes. Even more so, the attempt will significantly improve all claims handlings. Sometime in March last year, it was successful in taking a leap from a consortium all the way to an independent firm. This was done in hopes of commercializing most of the solutions it had created.
Last year, B3i also made a decision to switch to R3’s Corda platform from Hyperledger Fabric. This move was soon followed soon after RiskBlock decided to move directly to Corda. RiskBlock is basically another blockchain insurance consortium, which pretty much works in a similar fashion as B3i.