Re, a blockchain-backed reinsurance company, recently revealed that it had acquired $14 million in a seed funding round to build a decentralized system that would function similarly to the Lloyd’s of London insurance market.
About Investment
Participants in the round included Tribe Capital, Defy, Exor, Stratos, Framework, Morgan Creek Digital and SiriusPoint, as well as several angel investors.
The Re protocol, built on the Avalanche chain, offers retail investors and cryptocurrency holders a way to support their insurance policies. The reinsurer is working with insurance teams, known as syndicates, to assess the financial merits of the insurance programs brought into the protocol. Re said it is evaluating more than $300 million in potential premiums from its insurance programs and will use the new funding to expand its reinsurance commitment pipeline.
Re announced that David Hampson, the former CEO of Willis Programs, a unit of the global insurance brokerage Willis Group Holdings, has joined the company as a strategic advisor and independent board member.
“We’re building a decentralized global insurance transaction layer that settles any kind of insurance risk in a way that’s transparent to regulators, partners and investors. For members who provide capital, they earn uncorrelated yields that are comparable to high yield fixed income.” Karn Saroya, CEO of Re
