Blockchain consortium B3i forced to shut down after major re/insurers pull plug

B3i, the blockchain insurance industry venture backed by 20 major re/insurer investors including Swiss Re, Allianz, Munich Re, Zurich and SCOR, is to shut down after failing to raise new capital.

B3i was incorporated in Switzerland in 2018 through a collaboration of insurers and reinsurers to explore the potential of distributed ledger technology-enabled processes within the industry.

The company has confirmed that it has filed for insolvency according to Swiss law following “unsuccessful funding rounds”.

“The directors, following consultation with the shareholders, have collectively concluded that there was not sufficient support to continue with the venture at this stage,”  B3i Services AG said in a statement.

B3i was founded in October 2016 as an insurance industry consortium, which then formed  B3i Services AG as an independent company. Its shareholders included Achmea, Aegon, Africa Re, Ageas, Allianz, AXA, China Pacific Insurance, Deutsche Rück, Generali, Hannover Re, IRB Brasil Re, Liberty Mutual, Mapfre Re, Munich Re, SBI Group, SCOR, Swiss Re, Tokio Marine, Türk Reasürans, VIG Re, and Zurich Insurance Group.

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