A division of Greenlight Capital Re has invested in a blockchain business with headquarters in Hong-Kong.
The reinsurer specializing in real estate / claims based in the Cayman Islands said he had pursued a strategic investment in the Galileo platforms through its Greenlight Re Innovations branch. Greenlight Re did not disclose the specific amount in dollars, although the investment is part of Galileo's A Series financing.
The Chief Executive of Greenlight Re, Simon Burton, said that the investment is a key element that will help him take advantage of the blockchain for his insurance business.
"The Galileo management team has a unique combination of insurance leadership expertise and expertise in the application of generalized accounting technology [blockchain] to real-world insurance claims, "Burton said in prepared remarks." We are excited about this partnership and the opportunity to build a business of the future. "
Galileo Platforms is a service insurance and reinsurance platform (PAAS), currently focused on emerging markets in Asia. Galileo was launched in May 2016 and its founders Mark Wales and Annette King are experienced executives in the Asia-Pacific region with extensive experience in C-Suite and startups in insurance, property and banking, working for companies such as Deloitte, Capgemini, Manulife , AXA, and Mercer, according to the announcement of the deal.
Greenlight Re Innovations has claimed to believe that blockchain has the potential to radically restructure the way in which insurance is distributed. It considers Gallieo's secure platform the reduction of IT costs and the elimination of low-cost and high-value components in the insurance distribution chain.
This is the first investment announced by Greenlight Re Innovations since it was launched in March 2018 with the mission to seek technological and innovation opportunities for the reinsurance and insurance markets.
In the prepared observations, King and Wales said they were "gone out". Greenlight Re is the principal investor in the financing of Serie A.
"We share a common view that blockchain technology can transform the insurance industry, allowing for a more agile product design, making transactions more transparent and enabling real-time transactions between all parties," said King and Wales.
Launched in 2004, Greenlight Re is a proprietary and claims reinsurer with companies based in the Cayman Islands and Ireland. Greenlight Re provides risk management products and services to the insurance, reinsurance and other risk markets.
Source: Greenlight Capital Re
This article was originally published in the Carrier Management of Wells Media Group, the magazine for property insurance / incident managers.
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