Bermuda Watch: insurance exchange, Arch could fill ILS gap
ChainThat to launch exchange
Bermuda-based insurtech ChainThat is planning to launch a blockchain-powered risk and capital exchange to connect re/insurance companies and brokers to capital markets.
According to a statement from the firm, the so-called Bermuda Insurance Exchange is expected to go live with a production trial in July 2019.
The planned exchange would allow the transfer of risk and capital between direct insured clients, brokers, cedants and captive insurers and insurance, reinsurance, industry loss warranties (ILW) and insurance-linked securities (ILS).
A demonstration of the exchange is to be presented at the Hamilton Princess in Bermuda on Tuesday, March 5.
ChainThat CEO David Edwards added the exchange would "cut frictional costs and allow brokers, reinsurance and insurance companies access to the capital markets using blockchain."
The firm added the exchange would initially provide the framework for a traditional reinsurance market, including placement, accounting, settlement and claims. The next step would be to introduce new capital supporting the same processes for ILS.
Eventually, said the firm, ChainThat would introduce the ability to support securities and warranties and ultimately provide trading of these instruments.
ChainThat plans to introduce the exchange to other insurance hubs across the world.
Arch eyeing ILS business
Bermudian insurance and reinsurance firm Arch Capital is reportedly targeting the launch of a fronting for ILS business to replace the perceived gap left behind by the exit of Tokio Millennium Re from this space, as reported by reinsurance and ILS specialty news service Artemis.
The move could help the firm fill a market gap left by the acquisition of Tokio Millennium Re by Bermudian reinsurer RenaissanceRe, after the latter expressed that it would discontinue its provision of this fronting service to other collateralized reinsurance and ILS markets.
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