First marine insurance blockchain transaction completed

U.K.-based insurance broker Willis Towers Watson P.L.C. said that the first blockchain transaction for marine insurance has been completed, The Royal Gazette reported. Stakeholders in the project include insurers Bermuda-based XL Catlin and U.K.-based MS Amlin P.L.C., U.S.-based consultancy firm Ernst and Young L.L.P. and Denmark-based shipper AP Moller - Maersk A/S among others. Alastair Swift, head of corporate risk and broking for Great Britain at WTW, said that the technology will support more than half a million automated blockchain transactions and help manage risk for more than 1,000 commercial vessels in its first year.

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