Vancouver, British Columbia (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 of 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 that 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.
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.
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