Two insurtech innovation environments created by the Bermuda Monetary Authority are now in operation.

ChainThat, which provides blockchain solutions for the insurance and reinsurance industry, is the first company to join the BMA’s Innovation Hub.

It did so last week, one month after AkinovA (Bermuda) Ltd became the first company to operate in the island’s insurance regulatory sandbox.

London-based ChainThat gave a demonstration of its digital decentralised re/insurance platform in March, and invited interested companies to use and test its platform for six months, starting in July.

ChainThat will be part of the BMA’s Innovation Hub for the duration of the trial.

The hub was launched in April, and provides insurtech companies the ability to liaise directly with a nominated representative at the BMA to share ideas and information. Companies may eventually need to apply for entry to the separate sandbox, which is a live testing environment for companies that will require regulation and licencing.

ChainThat has rebranded its platform as RiCap (Risk meets Capital), which supports intercompany processes for an insurance and reinsurance market covering placement, accounting, settlement and claims.

David Edwards, chief executive officer of ChainThat, said: “ChainThat are delighted to be the first [technology] company to be approved to join the Innovation Hub.

“Since the launch of our Bermuda platform in March we have been in regular contact with the BMA. To be granted approval to join the Innovation Hub and have access to a BMA representative to exchange ideas and provide expert guidance will be hugely beneficial to ChainThat, the trial participants and the trial steering committee as the trial progresses and we look forward to working with the BMA”.

Andy Burrows, CEO of the Bermuda Business Development Agency, said: “The collaborative efforts of the Bermuda Government, the regulator, and our market’s risk-transfer solutions sector to embrace emerging technology are a clear indication that Bermuda remains the jurisdiction of choice for financial services.”