Fronting for Canadian blockchain captive solutions group
SuretyBlock, a microinsurance program platform using Blockchain technologies, has signed a fronting agreement with Fortress Insurance. The deal will enable it to provide captive insurance solutions based on decentralised finance for trade associations, organisations, and event organisers across western Canada.
SuretyBlock, a subsidiary of Vancouver-based Ocean Falls Blockchain, plans to launch its first decentralised product next month: Eagle1, a hole-in-one insurance platform for golf courses and driving ranges to make it easier, quicker and more efficient to pay hole-in-one prizes.
“A company as well-established in the Canadian market as Fortress Insurance coming on to support our project is a major achievement,” said Kevin Day, president of SuretyBlock and the chief technology officer of Ocean Falls Blockchain Corp. “This makes serving customers from British Columbia to Manitoba a reality. We’re excited for the future of SuretyBlock and the new captive insurance opportunities made possible by today’s emerging technologies.”
“Fortress has a long-standing goal to collaborate with, and explore, new insurance product niches and insurance programs,” said Shafeen Mawani, president and CEO at Fortress Insurance. “The concept and technological framework of SuretyBlock is something new and exciting, and we’re happy to explore this adventure with their team.”