“The directors, following consultation with the shareholders, have collectively concluded that there was not sufficient support to continue with the venture at this stage,” said an announcement on the company’s website
B3i is supported by over 21 of the largest Insurance and Reinsurance companies in the world, from across 5 continents
Zurich:
The global re/insurance industry’s blockchain project, B3i, has filed for insolvency following unsuccessful funding rounds and ceased its activities .
“The directors, following consultation with the shareholders, have collectively concluded that there was not sufficient support to continue with the venture at this stage,” said an announcement on the company’s website.
The Blockchain Insurance Industry Initiative (B3i) was formed in late 2016 as a collaboration of insurers and reinsurers to explore the potential of using Distributed Ledger Technologies within the industry for the benefit of all stakeholders in the value chain.
With embed cutting-edge technology into applications for the insurance market, it intended to address the structural problems which affects how the insurance industry exchanges and processes data.
B3i is supported by over 21 of the largest Insurance and Reinsurance companies in the world, from across 5 continents.
The original consortium consisted of five insurers: Aegon, Allianz, Munich Re, Swiss RE and Zurich, which were joined in 2017 by another 10 companies: Achmea, Ageas, Generali, Hannover Re, Liberty Mutual, SCOR, Sompo, RGA, Tokio Marine and XL Catlin (now AXA XL). Willis Towers Watson also was a member of the strategic advisory board.
The success of the B3i Initiative is manifested in the incorporation of B3i Services AG on 23rd March 2018 in Zurich. This new company will take forward the original aims and objectives of the B3i Initiative to realise the immense potential of blockchain to positively transform the industry and benefit customers.
The formation and incorporation of B3i Services AG represents a significant milestone for the members of B3i. As an independent legal entity with its own capital and Intellectual Property, B3i Services AG can streamline the development, testing and commercialisation of blockchain solutions.