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ARTICLE · 07 AUGUST 2017

Note Issue By Guernsey's Dom Re IC A ‘Global Blockchain First'

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Dom Re IC Limited, a Guernsey-domiciled ILS reinsurance transformer and incorporated cell of Solidum Re (Guernsey) ICC Limited has, with its most recent placement, issued what it believes to be...

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Dom Re IC Limited, a Guernsey-domiciled ILS reinsurance transformer and incorporated cell of Solidum Re (Guernsey) ICC Limited has, with its most recent placement, issued what it believes to be the first notes ever to have been digitised on a private blockchain.

Referred to as the 'ILSBlockchain', the mechanism has replaced the role of a traditional settlement system such as Euroclear or DTC for this note issue.

Dom Re IC Limited issued $14,800,000 Principal-at-Risk, Participating Notes, due 2023, an asset-backed securitisation of a reinsurance contract, to a total of six investors. Solidum Re acts as the paying agent and common depository of the permanent global note. Solidum Re also acts as the blockchain permission grantor and blockchain sponsor. The investors subscribed for the notes, paying into a Guernsey trust where Artex Risk Solutions (Guernsey) Limited acts as trustee.

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