NEW YORK--(BUSINESS WIRE)--BlockRe, the world's first and leading cryptoasset insurance company, is pleased to announce the first comprehensive underwriting and risk assessment tool designed to aid in the issuing of insurance policies in the cryptoasset and blockchain space. This solution is one of the only comprehensive third-party risk assessment tools for cryptoassets and blockchain systems currently available in the world today. Created in July, 2018, the tool has been continuously refined to cover nearly 500 points across 18 categories to meet the needs of AM Best A and A+ carriers globally.
BlockRe has been meticulously tracking known loss events and capturing multiple data points for each to validate its underwriting framework. The combination of BlockRe’s world-leading underwriting tool, comprehensive data collection, and industry partnerships has allowed the firm to complete a proprietary actuary analysis to support pricing for cryptoassets—creating one of the few actuarial models in the world built on crypto loss event data.
To that end, BlockRe is planning on releasing a subset of its robust data and analysis on its website in the next several weeks to provide a centralized listing of loss events to-date, for the purpose of providing greater transparency and understanding of risk in the cryptoasset space. In addition to providing for enhanced risk modeling and underwriting, this data will allow investors, regulators, infrastructure providers, and other participants in the cryptoasset space to be better educated on the risks in this new asset class. This will be a watershed moment for the cryptoasset insurance industry as a whole, as such a data block—and corresponding analysis—does not currently exist in the space.
BlockRe President Raymond Zenkich says, “We are excited to see the insurance market responding positively to the underwriting infrastructure we have put in place.”
BlockRe has forged relationships with the leading insurance companies around the world and has been repeatedly recognized as world-leading experts in this space, including through its participation at Blockchain Central at the Concordia summit. Zenkich is embarking on a two-day press tour in New York City—11.27 and 11.28—and will be available to discuss this announcement and the future of BlockRe. The BlockRe leadership team will also be at the Consensus Invest event on 11.27.
The BlockRe team plans to maintain a ground presence at many major industry events in 2019, beginning with World Economic Forum’s Annual Meeting in Davos, Jan 22-25. Zenkich teases, “Stay tuned: our pace of product development has been relentless over the last year and our planned announcement for the upcoming World Economic Development event will be a watershed moment for the industry. BlockRe is answering the call for a full suite of risk mitigation products and services for the cryptoasset industry. We look forward to showcasing the results of the incredible effort of team and partners with the World Economic Forum and participants at Davos.”
The world's first company dedicated to cryptoasset/blockchain insurance and risk mitigation has been in operations for 15 months and closed a pre-seed round in May 2018 backed by VentureOne, RenGen, Plug 'n Play, and Vy Capital.
For media inquiries, and/or to arrange a conversation with Raymond
Zenkich in NYC (or any time) please contact:
Jon Lindsay Phillips
Executive Director | RLM Public Relations
228 E. 45 Street, 11th Floor. New York, NY 10017