25 May 2022Reinsurance

OFB hires veteran golfer to advise on captive offering

Ocean Falls Blockchain (OFB) has added PGA Canada Life Member and former British Colombia National Golf Course Owners Association Board Member, Barrie McWha, to its board of advisors.

McWha will advise and assist the company's management team in guiding the strategic direction of OFB and in making key business decisions, especially within Ocean Falls' captive insurance solution, SuretyBlock.

The first decentralized product from SuretyBlock, called Eagle1, is a hole-in-one insurance platform for the golf industry in the US. According to OFB Eagle1 is “an innovative hole-in-one prize product custom designed for golf courses which provide a hole in one golf prize insurance product” that will enable golf tournament organizers and event managers at golf courses to offer hole-in-one prizing to tournament participants.

OFB explained that a typical hole-in-one contest operates on a tournament or special event basis whereby tournament or event organisers arrange for hole-in-one insurance coverage for a set number of golfers (usually 144 for a tournament) on a set day and on a predetermined hole. Most Par 3 golf holes on almost any course can be covered by hole-in-one prize insurance.

The potential revenue earned by offering hole-in-one prizing on any practice range or Par 3 hole is greater than offering the contest only during tournaments and special events and it vastly increases the potential revenue streams of this type of prize indemnity, OFB said.

Eagle1 is slated for launch by the end of the first half of 2022.