ChainThat To Launch New Capital Exchange
“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 company announced.
The exchange will allow broker, reinsurance and insurance companies access to the capital markets using blockchain, the company stated.
A specialist provider of blockchain solutions for the insurance and reinsurance markets, ChainThat said they will “unveil the insurance and reinsurance industry’s first Distributed Ledger Technology [DLT] driven risk and capital exchange, called the Bermuda Insurance Exchange.”
The company said 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].”
“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.”
“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 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.”
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DO name 2 equally smart Bermudians involved in this supposed launch!!
Hhhmmm……really??