New York (Jan. 11, 2021) – Extraordinary Re, the InsurTech that developed the first trading platform for insurance liabilities, today announced its intent to develop an asset owner/manager consortium. The eight interested organizations involved in the first consortium meeting manage more than $10 trillion in assets combined.

“We've invited a select group of visionary capital market leaders to create this consortium and build a market where before there was none,” said Lee Van Slyke, Extraordinary Re, CEO. “In this market, we are making it possible to trade $22 trillion in insurance liabilities.”

Marc Mayer, Chairman and CEO of Manning & Napier, and an advisor to Extraordinary Re, added, “There are substantial analogies to the market that Extraordinary Re is creating. Three obvious examples are real estate investment trusts (REITs), mortgage-backed securities (MBS), and asset-backed securities (ABS). Today, the capital markets think nothing of trading tens of trillions of dollars of real estate equity and debt, credit card receivables, and auto loans. But before these innovations, these markets were almost entirely illiquid. The ability to take something that is private and sits on an organization’s balance sheet, and transform it into something tradeable, is really just a matter of creativity, innovation and hard work.”

Brad Levy, president and chief commercial officer, Symphony added, “It is not uncommon to build a consortium to launch a trading platform. Gathering a group of people that can identify a common problem and be on the ground floor of launching a solution is not only smart but can be very lucrative.”

Extraordinary Re has built out the insurance architecture and its trading platform is powered by NASDAQ.

Learn more about joining the consortium: Contact Lee Van Slyke Lee.VanSlyke@XReHoldings.com

Learn more about Extraordinary Re: https://www.extraordinaryre.com/

About Extraordinary Re [!Re]: Extraordinary Re’s patented platform for trading insurance liabilities is the natural evolution of ILS [Insurance Linked Securities]. !Re transforms the ways the capital markets take on insurance risks just as platforms have already transformed energy and currency markets. !Re benefits all participants in the respective markets’ value chains, from a new non-correlated asset class for institutional investors and traders, to ameliorating the protection gap for policy holders, to providing new tools for risk and capital management for insurance and reinsurance companies.

The names of the companies with whom people are affiliated are for identification purposes and do not imply a relationship with those companies.

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