A division of Greenlight Capital Re has invested in a blockchain-related business based in Hong-Kong.
The Cayman Islands-headquartered property/casualty specialist reinsurer said it pursued a strategic investment in Galileo Platforms through its Greenlight Re Innovations arm. Greenlight Re did not disclose the specific dollar amount, though the investment is part of Galileo’s Series A financing.
Greenlight Re General Manager Simon Burton, investment in insurance business is an important element to help block chaining said.
Var Galileo’s management team has a unique combination of expertise in insurance leadership experience and expertise in the application of distributed notebook technology to real-world insurance practices, Bur said Burton. “We are excited about this partnership and the opportunity to start a future business.“
Galileo Platforms is a Insurance and Reinsurance Platform as a Service (PAAS) business focused on emerging markets in Asia. Galileo was released in May 2016, and founders Mark Wales and Annette King, extensive C-Suite executives in the Asia-Pacific region and initial expertise in insurance, asset management and banking, Deloitte, Capgemini, Manulife, AXA, and the Agreement, according to the agreement .
Greenlight Re Innovations believes the blockchain has the potential to dramatically reconfigure the way insurance is distributed. It considers Gallieo’s secure platform to reduce IT costs and eliminate costly, low-value components in the insurance distribution chain.
This is the first investment that Greenlight Re Innovations came into force in March 2018 and is looking for technology and innovation opportunities for the reinsurance and insurance markets.
In his words, the King and Wales were, exited, ”said Greenlight Re, the leading investor in the A-Series financing.
. Blockchain technology shares a common vision by enabling more agile product design, making transactions more transparent and providing real-time transactions across all parties, “said King and Wales.
Launched in 2004, Greenlight Re is a specialized property and casualty reinsurer with companies based in Cayman Islands and Ireland. Greenlight Re provides risk management products and services to insurance, reinsurance and other risk markets.
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