Re, a blockchain-powered reinsurance company, has raised $14 million in seed-round funding to build a decentralised system for investors which will allow them to gain exposure to “a massive and uncorrelated asset class” that is insurance premiums.
Tribe Capital, Defy, Exor, Stratos, Framework, Morgan Creek Digital and SiriusPoint participated in the round, alongside a number of angel investors.
Built on the Avalanche blockchain, launched in September 2020, the protocol provides investors with a way of backing insurance policies. The reinsurer works with underwriting teams, also named Syndicates, to assess the economic merits of insurance programs brought to the protocol.
Karn Saroya, CEO of Re, said: “The benefits Re brings to the market are multi-faceted: We’re building a decentralised global insurance transaction layer that settles any kind of insurance risk, in a way that’s transparent to regulators, partners and investors; administrative overhead will be lower and cost savings...
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