A Seamless Fusion of Reinsurance, Blockchain Technology, and Alternative Capital Resources
The pioneering blockchain-driven reinsurer, has announced a partnership with VIPR Solutions (‘VIPR’). This collaboration aims to enhance security, efficiency, and transparency by connecting MGAs, underwriters, and reinsurance brokers with capital on-chain. This significant milestone represents a remarkable evolution in the reinsurance industry, bringing forth positive changes and opportunities for all involved parties. Historically, data fidelity from origination through ultimate risk bearing entities has suffered from significant degradation as it moves along the insurance value chain. In partnership with VIPR, Re can securely and immutably on-chain ensure that regulators, underwriters, and capital providers have the same view of the performance of any given insurance program.
In the insurance world, communication between parties has traditionally been cautious, prioritising risk mitigation over progress. However, Re is embracing a new era of hyper connectivity. Their visionary approach is set to bring about revolutionary improvements while maintaining a strong focus on risk management.
Re, established in late 2022, serves as an innovative provider of reinsurance capital to insurers by leveraging the power of blockchain technology. This allows members to access insurance premiums and enjoy unprecedented transparency in capital position and performance. Despite its recent entry into the market, Re already supports $35 million in gross written premiums across the U.S., with ambitious plans to expand its footprint to over $100 million in the near future.
Karn Saroya, Re’s CEO, expressed excitement about the collaboration with VIPR: “As we continue to grow rapidly in the reinsurance space, having a world-class partner like VIPR to support our protocol with secure and seamless data sharing and standardisation is essential. VIPR’s best-in-class data platform will bolster our ability to back a diverse range of insurance companies and their programs, further enhancing the transparency and complexity of Re’s protocol.”
Paul Templar, VIPR Founder & CEO, also shared his enthusiasm for the partnership: “Re’s groundbreaking approach to reinsurance is transforming the industry, bringing transparency and new capacity to insurers and MGAs through blockchain technology. We are delighted to join forces with Re and offer our data management expertise to support their innovative mission. Together, we’ll ensure the right systems, processes, and technology are in place, providing Re with a solid foundation for their protocol.”
This partnership between Re and VIPR promises a brighter future for the reinsurance industry, with technology at the forefront, driving growth, transparency, and new possibilities for all stakeholders.
About Re
Re, a fully collateralised reinsurer, connects alternative capital providers to the nearly $1 trillion reinsurance market. With robust regulatory oversight, Re offers unique access to a traditionally opaque asset class. The Re protocol, a cutting-edge Web3 application, drives unmatched transparency in capital position and performance, benefiting partners, investors, and regulators. Explore the future of reinsurance with Re at Re.xyz.
About VIPR
Founded in 2009, VIPR Solutions is a leading insurance technology company that supports automation of back-office processes, particularly for program business and delegated underwriting authorities. VIPR platforms streamline bordereaux management and processing and coverholder management, as well as regulatory compliance, and provide users with powerful data insights capabilities for strategic analysis.
VIPR (pronounced “VY-per”) was the first company of its kind to be approved by Lloyd’s London Market for direct reporting. Today, over 40% of Lloyd’s syndicates use a VIPR product, as well as some of the world’s best-known carriers and intermediaries in Europe, Canada and the United States. Among VIPR’s clients are a leading Swiss insurer, a top 10 US carrier, and the Canadian operations of two major international insurers, along with several smaller and start-up Managing General Agents and Brokers. www.viprsolutions.com
