B3i Shifts From Blockchain Consortium to Full-Fledged Company

B3i has become an independent company that will continue to explore and provide blockchain applications for the insurance industry.

AccessTimeIconMar 28, 2018 at 6:35 p.m. UTC
Updated Sep 13, 2021 at 7:45 a.m. UTC

A blockchain consortium backed by a group of global insurance firms has created an independent company with the aim of commercializing some of the solutions it has developed.

B3i is backed by notable firms including giants AIG and AIA as well as founding members like Allianz, Aegon and Swiss Re, among others. The group first debuted in 2016, aiming to develop applications of the tech for the insurance and reinsurance industries, and the transition to a fully-fledged company marks the next step in their work.

In statements, the group positioned the company's formation in Switzerland – long known as a hub for blockchain companies – as a way to advance the work with additional resources.

"As an independent legal entity with its own capital and intellectual property, B3i Services AG can streamline the development, testing and commercialization of blockchain solutions," B3i commented last week.

The consortium introduced its first product – a blockchain prototype for property catastrophe excess of loss reinsurance contracts – in 2017, and the new company expects to kick off the first live trades on the platform by the end of the year. It also revealed in the statement that it has several other products in development, though it did not provide further details.

More broadly, B3i Service AG will aim to "create an ecosystem of products and services developed 'by the market, for the market.'"

The newly incorporated entity was formed by the founders of the original initiative, and Gerhard Lohmann, CFO of reinsurance at Swiss Re, has been selected as to chair the company.

"The transition of B3i from consortium to independent company is a concrete step forward to realizing the enormous potential of blockchain for the insurance industry," Lohmann said in a statement.

Insurance form image via Shutterstock 


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.