- The new fund backs low-volatility insurances covering properties, trucking, aviation and workers compensation, excluding catastrophic risks at the start, Re CEO Karn Saroya said in an interview.
- Re targets to back $200 million in insurance premiums by the end of the year, with another $3 billion in the pipeline.
- The firm also raised $7 million in a venture capital investment round led by Electric Capital.
As an analyst, I’d put it this way: In our recent funding round, we successfully secured $7 million in venture capital investment, with Electric Capital leading the charge. This came after our successful $14 million seed round towards the end of 2022.
In the Cayman Islands, Re, which is governed by regulations, is working to bring transparency to an historically secretive and conventional sector through the implementation of blockchain technology. Its ultimate goal is to create a decentralized alternative akin to Lloyd’s of London, renowned as the leading marketplace for insurance.
Reinsurers help insurers manage risk by taking on large portions of their insurance obligations, earning substantial annual premiums totaling nearly $1 trillion, making reinsurance a crucial component of the financial market and business transactions as per Karn Saroya’s interview with CoinDesk.)
“Reinsurance is the ocean, and insurance companies are the boats floating on the water,” he said.
At the outset, Re’s latest investment vehicle focuses on less risky insurance types like property, trucking, aviation, and workers compensation. It avoids catastrophic risks, according to Karoya.
This investment fund aims to provide potential returns of up to 23% per year for investors. Eligibility includes U.S. accredited investors and non-U.S. investors who complete Re’s Know-Your-Customer (KYC) procedure. Investments come with a mandatory holding period of one year, but funds can be withdrawn once insurance companies release the collateral for redemption.
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2024-05-14 16:15