DeFi Captive Insurance Provider SuretyBlock, a Subsidiary of Ocean Falls Blockchain, Signs Fronting Agreement with Fortress Insurance
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 explore this adventure with their team.”
Fortress Insurance is licensed to offer insurance in British Columbia, Alberta, Saskatchewan and Manitoba. The organization was formed in 2004 as an Alberta registered and regulated insurance company which exclusively provided third-party automobile liability coverage in the rental car and airport services business in Calgary.
About Fortress Insurance
Fortress Insurance is a digital-first insurer operating since 2004. Fortress works exclusively with independent insurance brokers in western Canada striving to build strong, trustworthy and long-lasting relationships. Fortress Insurance is supported by global insurance providers with an A+ AM Best and A+ S&P credit rating. Visit fortressinsurance.ca for further information.
About SuretyBlock
SuretyBlock is a decentralized solution for captive insurance providers. It is a wholly-owned subsidiary of Ocean Falls Blockchain Corp. Ocean Falls is a Canadian blockchain technology company that operates a 2MW-plus, clean energy-powered cryptocurrency mining farm in historic Ocean Falls, B.C. Visit oceanfalls.com for further information on OFB.
Media Contact
Oded Orgil, CEO (Ocean Falls Blockchain)
oded@oceanfalls.com
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. Additionally, there are known and unknown risk factors which could cause Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
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