Consecutive award wins for Artex’s ILS team
09 July 2018
The award meant back-to-back wins for Artex in the category, which has had a name change since last year, when it was known as ‘Market Facilitator of the Year’. Trading Risk is one of the leading publications in the ILS industry.
The judging panel observed that Artex’s ILS team ‘continued to grow and be at the cutting edge of development of insurance transformation and convergence space’.
Artex was also involved in a global blockchain first as it acted as trustee for assets on the ‘ILSBlockchain’ as Dom Re IC Limited, a Guernsey-domiciled ILS reinsurance transformer and incorporated cell of Solidum Re (Guernsey) ICC Limited, issued what are believed to be the first notes ever to have been issued on a private blockchain in 2017.
As trustee, Artex later cleared a new participant to join the ILSBlockchain by performing the required know-your-client/anti-money laundering procedures. With its own newly-created node, the new participant paid US dollars into the trust account with Artex, who credited dollars to the participant’s wallet on their node.
Artex Business Development Director Paul Eaton was delighted with the recognition, particularly as back-to-back wins are relatively rare.
He said: “Our role in the innovative Solidum ILSBlockchain transaction, a world’s first, has undoubtedly played a part in our back-to-back recognition by the Trading Risk judging panel, but it is our market-leading team, their expertise and truly exceptional client service as well as innovation which is driving our growth.
“If there is a cutting edge in insurance, ILS is it. We’re pleased to be recognised for our ability to connect capital to risk.”
ILS, a growing segment of insurance management, uses Guernsey’s PCC and ICC insurance structures and regulations to enable capital to be efficiently invested into contracts of reinsurance. Worldwide, this is an industry with funds invested approaching $100 billion.
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