SurancePlus, a Web3-focused subsidiary of Oxbridge Re, has entered a partnership with digital asset manager Zoniqx.
This alliance is intended to increase SurancePlus’ presence as it seeks to transform the reinsurance sector by using blockchain technology to create tokenised reinsurance contracts.
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Cayman Islands-based reinsurer Oxbridge Re, along with its subsidiaries, focuses on tokenissing real-world assets, beginning with reinsurance securities.
It serves property and casualty insurers, particularly in the Gulf Coast region of the US.
Zoniqx brings to the table its experience in digital asset management, having worked with entities such as Ripple and PwC on their tokenisation and digital assets scale programme.
SurancePlus has also completed a private placement of 287,705 participation shares, which are represented by the EpsilonCat Re digital tokens.
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By GlobalDataThis initiative, part of a three-year participation share investment contract, has raised around $2.88m.
The offering represents the second instalment of the Cat Re series, with the tokens being issued on the Avalanche blockchain and aiming for a 42% return.
The venture has already reported a 49.11% return on its DeltaCat Re tokenised reinsurance security, surpassing initial expectations.
Oxbridge Re president and CEO Jay Madhu said: “Last year, SurancePlus incorporated digital innovations and Web3 insights, democratising access to reinsurance as an alternative investment. We believe we were the first publicly traded company to raise capital for catastrophe reinsurance risks through the sale of tokenised reinsurance securities.
“Building on that success, we are delighted to have partnered with Zoniqx and we believe their state-of-the-art tokenisation and digital asset life cycle management offerings will also further enhance our RWA tokenization and web-3 capabilities. We have also closed our 2024 EpsilonCat Re offering and are targeting returns of approximately 42%.”
Zoniqx co-founder and CBO Sanjeev Birari said: “By leveraging our state-of-the-art TALM system and the DyCIST protocol, we are showcasing the reliability and versatility of our asset-agnostic technology in the reinsurance industry.
“Partnering with a listed NASDAQ company like Oxbridge Re speaks volumes about the robustness of our solutions. This partnership enhances transparency, security, and efficiency in the tokenisation of reinsurance securities, validating our vision and unlocking new opportunities for investors.”
