Greenlight Re invests in Hong Kong-based blockchain Galileo
Cayman Islands-based specialist property/casualty reinsurer Greenlight Capital Re has made a strategic investment in blockchain business Galileo Platforms.
Galileo is a Hong Kong-based insurance and reinsurance platform as a service (PAAS) business which is focused on emerging markets in Asia.
The investment was made through the reinsurer's subsidiary Greenlight Re Innovations, which was launched in March 2018 to seek technology and innovation opportunities relating to the reinsurance and insurance markets.
Greenlight Re said it believes that in the new digital ecosystem, blockchain has the potential to dramatically restructure the way insurance is distributed. The platform will reduce IT costs and eliminate high-cost, low-value components in the insurance distribution chain, the company claims.
Greenlight Re chief executive officer Simon Burton commented: “The management team of Galileo has a unique combination of insurance leadership experience and expertise in applying distributed ledger technology to real world insurance applications. We are excited about this partnership and the opportunity to build a business of the future with Annette and Mark, as this aligns with our growth strategy which has technology and innovation at the heart of our business.”
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