Blockchain technology-driven reinsurance company Re said it achieved “significant” growth in the first quarter of 2023, supporting $34 million in premiums and providing insurance to tens of thousands of small businesses across a wide range of industries since its founding in late 2022.

In October 2022, Re completed a $14 million seed round of financing, aiming to build a decentralized system for investors that enables them to provide insurance services for "large and unrelated asset classes." It is reported that Re has developed a decentralized protocol similar to Lloyd's of London. The company allows alternative capital providers to invest in a basket of insurance policies to generate premiums and returns.

Re’s smart contract protocol, based on the Avalanche blockchain, provides greater transparency and flexibility, and is able to operate with just seven full-time employees. (Reinsurance News)