Greenlight Re invests in Hong Kong-based Galileo Platforms

Greenlight Capital Re, through its Greenlight Re Innovations unit, has placed a strategic investment in Galileo Platforms, a Hong Kong-based re/insurance platform as a service (PAAS) business focused on emerging markets in Asia.

According to the Cayman Islands-headquartered specialist reinsurer, blockchain has the potential to dramatically restructure the way insurance is distributed. The technology is claimed to be more secure and can reduce IT costs and eliminate high-cost, low-value components in the insurance distribution chain.

This is the first investment announced since Greenlight Re Innovations’ launch in March 2018. The value of the investment, which is part of Galileo Platforms series A round, was undisclosed.

Galileo was founded in May 2016 by Mark Wales and Annette King, who are both seasoned executives in the Asia-Pacific region with extensive C-Suite and start-up expertise in insurance, wealth management and banking, having worked for companies such as Deloitte, Capgemini, Manulife, AXA, and Mercer.

“The management team of Galileo has a unique combination of insurance leadership experience and expertise in applying distributed ledger technology to real world insurance applications,” said Simon Burton, Greenlight Re’s CEO. “We are excited about this partnership and the opportunity to build a business of the future with Annette and Mark, as this aligns with our growth strategy which has technology and innovation at the heart of our business.”