Extraordinary Re will leverage cloud and blockchain technology to
power new insurance risk allocation platform
STOCKHOLM, Sweden and PRINCETON,
N.J., March 01, 2018 (GLOBE NEWSWIRE) -- Nasdaq
Inc. (Nasdaq:NDAQ) and Extraordinary Re signed a new
market technology agreement for Nasdaq to deliver matching engine
technology via the Nasdaq Financial
Framework architecture. Extraordinary Re will deploy
this technology through its patented Liquid Insurance Contract risk
allocation platform. Extraordinary Re will also operate its system
on a private cloud and leverage blockchain technology to transmit
flow-through information to its participants. The go-live is
targeted for summer 2018.
"The agreement with Nasdaq is an important
milestone in our go-to-market plan," said Will Dove, Chairman &
Chief Executive Officer, Extraordinary Re. "Our innovative
structure and technology will deliver new classes of risk to
investors through a platform powered by Nasdaq's market-leading
technology."
Extraordinary Re's platform is embedded within a
reinsurance entity. This allows Extraordinary Re to access a broad
range of insurance liabilities to make them available for
allocation among institutional investors. Extraordinary Re is
creating a new pathway for insurers, reinsurers and managing
general agencies around the world to access capacity from the
Insurance Linked Securities (ILS) market. Extraordinary Re will
enable its participants to reallocate insurance risks among
themselves in a familiar format, powered by tested Nasdaq
technology. By leveraging blockchain technology, Extraordinary Re
will deliver granular and real-time data to its participants and
expects to deploy other applications using this technology in the
future.
"Extraordinary Re is helping bring a new way of
thinking for institutional investors to the global reinsurance
market and we are excited to work with them in bringing this vision
alive through our technology," said Paul McKeown, Senior Vice
President, Market Technology, Nasdaq. "With the agility of the
Nasdaq Financial Framework, we are able to provide a platform that
can flexibly support new assets and new types of innovative
markets, like Extraordinary Re. We look forward to expanding our
relationship as they grow in this space."
Nasdaq's market infrastructure technologies,
including trading, real-time risk, index, clearing, CSD and market
surveillance systems are operated in more than 100 marketplaces,
regulators, clearinghouses and central securities depositories
across the Americas, Europe, Asia, Australia, Africa, the Middle
East and the Caribbean.
About
Nasdaq
Nasdaq (Nasdaq:NDAQ) is a leading global provider of trading,
clearing, exchange technology, listing, information and public
company services. Through its diverse portfolio of solutions,
Nasdaq enables customers to plan, optimize and execute their
business vision with confidence, using proven technologies that
provide transparency and insight for navigating today's global
capital markets. As the creator of the world's first electronic
stock market, its technology powers more than 90 marketplaces in 50
countries, and 1 in 10 of the world's securities transactions.
Nasdaq is home to approximately 3,900 total listings with a market
value of approximately $12 trillion. To learn more,
visit: http://business.nasdaq.com
About Extraordinary
Re
Extraordinary Re is an InsurTech leader that is creating a liquid
platform for $22 trillion in insurance liabilities. The company is
building a system to handle a broad range of insurance liabilities
and make them available and attractive to institutional
investors.
Extraordinary Re solves three problems: For
investors, it answers the need for uncorrelated returns. For
insurers and reinsurers, it expands the ability to transfer risk to
the capital markets. And for consumers and businesses around
the world who rely on insurance to protect them, it alleviates the
insurance protection gap by increasing the availability and
decreasing the cost of risk transfer. To learn more,
visit https://www.extraordinaryre.com/.
For Media
Inquiries:
Nasdaq
Ryan Wells
ryan.wells@nasdaq.com
Direct: +44 (0) 20 3753 2231
Mobile: +44 (0) 7809 596 390
Extraordinary
Re
Cybil Rose
cybil.rose@kemperlesnik.com
Direct: 1.312.755.3537
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