Vancouver, British Columbia--(Newsfile Corp. - March 10, 2022) - Ocean Falls Blockchain Corp. ("OFB" or the "Company") is pleased to announce that SuretyBlock, a subsidiary of OFB, has signed a fronting agreement with Fortress Insurance, a western Canadian insurance provider. This fronting agreement enables SuretyBlock, a DeFi-based (decentralized finance) captive insurance solution, to enlist and serve trade associations, organizations, and event organizers across western Canada.
The first decentralized product from SuretyBlock called Eagle1 is a hole-in-one insurance platform for the golf industry that makes it easier, quicker and more efficient for hole-in-one prizes to be obtained and issued on golf courses, and in some cases, driving ranges.
Eagle1 is slated for launch in April 2022. It has been specifically designed to support golf associations, golf courses, and tournament organizers with unique and custom hole-in-one prize pools and payouts.
"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 CTO at 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."
A captive insurer is an insurance company wholly owned and controlled by its insureds. SuretyBlock aims to provide trade associations, organizations, and event organizers the option to insure themselves against a variety of liabilities using the power of blockchain technology to pool and distribute funds.
"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...