Turkish Reinsurance became the new shareholder of B3i, the leading DLT (Distributed Ledger Technology) initiative in insurance markets.
According to the statement made by the Turk Reasurans, the company is the first investor from Turkey as a shareholder of the 21 leading insurance and reinsurance companies from five continents. B3i has created an ecosystem that brings together partners and the practices of third parties who want to add value to the insurance industry on its platform. B3i matches protocols, which is time-consuming and eliminates management processes that are no longer needed. In this way, it creates space for companies to implement their own digital transformation strategies.
Turk Reasurans General Manager Selva Eren, whose opinions were given in the statement, said: “It is not a coincidence that we are the first investors from Turkey of B3i, which develops industry standards globally with blockchain technology. This partnership is one of the most concrete steps in our vision to create global value. We are happy that we will shape the future of insurance better by taking part in the same platform with the most important actors of the sector.”
B3i Services AG General Manager John Carolin, on the other hand, stated that they are pleased with the participation of Turkish Reinsurance, its new shareholders, and added saying “We have made a significant progress by offering fast corporate solutions with our Fluidity platform. With this capital support, we aim to expand our customer-supported applications and network, and increase our revenues.”
The statement included the following information about B3i:
“B3i is a global enterprise that operates in cooperation with more than 40 related parties, under the shareholding of 21 insurance companies from 5 continents. B3i was founded as an insurance industry consortium in October 2016 and, with subsequent configuration, established B3i Services AG as an independent company. B3i continues to expand its network and develop collaborations with the world’s leading corporate and sectoral initiatives. It continues its activities to develop a widely supported platform and protocols with the aim of responding to the critical insurance industry needs. The vision of the company is to improve insurance by making risk transfers more seamless. B3i Shareholders are 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, Turkish Reinsurance Marine, VIG Re, and Zurich Insurance Group.”
Source: AA / Translated by Bazaar Times Team