Vancouver, British Columbia–(Newsfile Corp. – March 10, 2022) – Ocean Falls Blockchain Corp. (“OFB” or the “Company”) is pleased to announce that SuretyBlock, a subsidiary of OFB, has entered into a fronting agreement with Fortress Insurance, a Western Canadian insurance provider. This fronting deal allows SuretyBlock, a DeFi (decentralized finance) based captive insurance solution, to recruit and serve trade associations, organizations and event organizers in Western Canada.
SuretyBlock’s first decentralized product called Eagle1 is a hole-in-one insurance platform for the golf industry that makes it easier, faster and more efficient to obtain and award hole-in-one prices on golf courses and, in some case, on the training grounds.
Eagle1 is set to launch in April 2022. It has been specifically designed to support golf associations, golf courses and tournament organizers with unique, personalized hole-in-one prize pools and payouts.
“Having a company as well-established in the Canadian market as Fortress Insurance coming to support our project is a major achievement,” said Kevin Day, President of SuretyBlock and CTO of Ocean Falls Blockchain Corp. “It makes serving customers from British Columbia to Manitoba a reality. We are excited about the future of SuretyBlock and the new captive insurance opportunities made possible by today’s emerging technologies.
A captive insurer is an insurance company wholly owned and controlled by its policyholders. SuretyBlock aims to provide trade associations, organizations and event organizers with the ability to insure against a variety of liabilities by using the power of blockchain technology to aggregate and distribute funds.
“Fortress has a long-standing goal of collaborating and exploring new insurance product niches and insurance programs,” said Shafeen Mawani, President and CEO of Fortress Insurance. “SuretyBlock’s concept and technology framework is something new and exciting and we are happy to explore this adventure with their team.”
Fortress Insurance is licensed to provide insurance in British Columbia, Alberta, Saskatchewan and Manitoba. The organization was established in 2004 as an Alberta-registered and regulated insurance company that exclusively provided automobile liability coverage in the car rental and airport services industry in Calgary.
About Fortress Insurance
Fortress Insurance is a digital premier insurer in business since 2004. Fortress works exclusively with independent insurance brokers in Western Canada who strive to build strong, reliable and lasting relationships. Fortress Insurance is backed by global insurers with A+ AM Best and A+ S&P credit ratings. To visit fortressinsurance.ca for more information.
SuretyBlock is a decentralized solution for captive insurers. It is a wholly owned subsidiary of Ocean Falls Blockchain Corp. Ocean Falls is a Canadian blockchain technology company that operates a 2MW+ clean energy powered cryptocurrency mining farm in the historic town of Ocean Falls, British Columbia. Visit oceanfalls.com for more information on OFB.
Oded Orgil, CEO (Ocean Falls Blockchain)
This press release contains “forward-looking statements” within the meaning of applicable securities laws. Any statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those implied by such statements. Although these statements are based on management’s reasonable assumptions, there can be no assurance that these assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. In addition, there are known and unknown risk factors that could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in the present. All forward-looking information contained herein is qualified in its entirety by this cautionary statement, and the Company undertakes no obligation to revise or update such forward-looking information or to publicly announce the outcome of any revision of any forward-looking information contained herein to reflect future results, events or developments, except as required by law.
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