Captive insurance latest news | Canadian blockchain captive group signs fronting agreement

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Decentralised finance captive insurance provider SuretyBlock has signed a fronting agreement with Fortress Insurance to enable the former to enlist and serve trade associations, organisations and event organisers across western Canada.

Fortress Insurance is a western Canadian insurance provider licensed in British Columbia, Alberta, Saskatchewan and Manitoba.

As a subsidiary of Ocean Falls Blockchain Corp (OFB), a Canadian blockchain technology company, SuretyBlock’s first decentralised product using blockchain technology to pool and distribute funds, Eagle1, is planned for launch in April 2022.

Eagle1 is an insurance platform for the golf industry — including golf associations, golf courses and tournament organisers — designed to make it easier, quicker and more efficient for unique, customised hole-in-one prize pools and payouts to be obtained and issued on golf courses and driving ranges.

Commenting on the agreement, Kevin Day, president of SuretyBlock and chief technology officer at OFB, says: “A company as well-established in the Canadian market as Fortress Insurance coming on to support our project is a major achievement.

“We are excited for the future of SuretyBlock and the new captive insurance opportunities made possible by today’s emerging technologies.”

Shafeen Mawani, president and CEO at Fortress Insurance, adds: “Fortress has a long-standing goal to collaborate with and explore new insurance product niches and insurance programmes. The concept and technological framework of SuretyBlock is something new and exciting and we are happy to explore this adventure with their team.”

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