Fronting for Canadian blockchain captive solutions group

SuretyBlock, a microinsurance program platform utilizing Blockchain applied sciences, has signed a fronting settlement with Fortress Insurance coverage. The deal will allow it to offer captive insurance coverage options based mostly on decentralised finance for commerce associations, organisations, and occasion organisers throughout western Canada. 

SuretyBlock, a subsidiary of Vancouver-based Ocean Falls Blockchain, plans to launch its first decentralised product subsequent month: Eagle1, a hole-in-one insurance coverage platform for golf programs and driving ranges to make it simpler, faster and extra environment friendly to pay hole-in-one prizes.

“An organization as well-established within the Canadian market as Fortress Insurance coverage approaching to assist our venture is a significant achievement,” mentioned Kevin Day, president of SuretyBlock and the chief expertise officer of Ocean Falls Blockchain Corp. “This makes serving clients from British Columbia to Manitoba a actuality. We’re excited for the way forward for SuretyBlock and the brand new captive insurance coverage alternatives made doable by at this time’s rising applied sciences.” 

“Fortress has a long-standing aim to collaborate with, and discover, new insurance coverage product niches and insurance coverage packages,” mentioned Shafeen Mawani, president and CEO at Fortress Insurance coverage. “The idea and technological framework of SuretyBlock is one thing new and thrilling, and we’re completely satisfied to discover this journey with their workforce.”