IRB Brasil Re to become first Latin American stakeholder in blockchain insurance initiative B3i

Brazil's major reinsurer IRB Brasil Re is set to acquire an 8.93 percent stake in the blockchain insurance industry initiative B3i Services for €3.5 million.

The investment will see IRB Brasil Re become the only Latin American company to hold a stake in B3i, alongside a number of global reinsurance companies.

B3i is a collaborative initiative that came together in late 2016 to explore and test the potential of blockchain in the insurance industry.

Founding shareholders of B3i include Achmea, Aegon, Ageas, Allianz, AXA, Generali, Hannover Re, Liberty Mutual, Munich Re, SCOR, Swiss Re, Tokio Marine, and Zurich Insurance Group. These were joined by three new re/insurers in April 2019, Deutsche Rück, Mapfre Re and VIG Re, increasing the number of shareholders to 16. B3i currently has nine board members.

Fernando Passos, deputy CEO, CFO of IRB Brasil Re, said: "The interest in B3i’s share capital will allow IRB Brasil Re to have the right to appoint a member to the company’s Board of Directors, with a relevant involvement in B3i’s strategic guidance.

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