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Nasdaq and Extraordinary Re Sign Market Technology Agreement

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Extraordinary Re will leverage cloud and blockchain technology to power new insurance risk allocation platform

STOCKHOLM, Sweden and PRINCETON, N.J., March 01, 2018 (GLOBE NEWSWIRE) -- Nasdaq Inc. (Nasdaq:NDAQ) and Extraordinary Re signed a new market technology agreement for Nasdaq to deliver matching engine technology via the Nasdaq Financial Framework architecture.  Extraordinary Re will deploy this technology through its patented Liquid Insurance Contract risk allocation platform. Extraordinary Re will also operate its system on a private cloud and leverage blockchain technology to transmit flow-through information to its participants. The go-live is targeted for summer 2018.

"The agreement with Nasdaq is an important milestone in our go-to-market plan," said Will Dove, Chairman & Chief Executive Officer, Extraordinary Re. "Our innovative structure and technology will deliver new classes of risk to investors through a platform powered by Nasdaq's market-leading technology."

Extraordinary Re's platform is embedded within a reinsurance entity. This allows Extraordinary Re to access a broad range of insurance liabilities to make them available for allocation among institutional investors. Extraordinary Re is creating a new pathway for insurers, reinsurers and managing general agencies around the world to access capacity from the Insurance Linked Securities (ILS) market. Extraordinary Re will enable its participants to reallocate insurance risks among themselves in a familiar format, powered by tested Nasdaq technology. By leveraging blockchain technology, Extraordinary Re will deliver granular and real-time data to its participants and expects to deploy other applications using this technology in the future.

"Extraordinary Re is helping bring a new way of thinking for institutional investors to the global reinsurance market and we are excited to work with them in bringing this vision alive through our technology," said Paul McKeown, Senior Vice President, Market Technology, Nasdaq. "With the agility of the Nasdaq Financial Framework, we are able to provide a platform that can flexibly support new assets and new types of innovative markets, like Extraordinary Re. We look forward to expanding our relationship as they grow in this space."

Nasdaq's market infrastructure technologies, including trading, real-time risk, index, clearing, CSD and market surveillance systems are operated in more than 100 marketplaces, regulators, clearinghouses and central securities depositories across the Americas, Europe, Asia, Australia, Africa, the Middle East and the Caribbean.

About Nasdaq
Nasdaq (Nasdaq:NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $12 trillion. To learn more, visit: http://business.nasdaq.com   

About Extraordinary Re
Extraordinary Re is an InsurTech leader that is creating a liquid platform for $22 trillion in insurance liabilities. The company is building a system to handle a broad range of insurance liabilities and make them available and attractive to institutional investors. 

Extraordinary Re solves three problems: For investors, it answers the need for uncorrelated returns. For insurers and reinsurers, it expands the ability to transfer risk to the capital markets.  And for consumers and businesses around the world who rely on insurance to protect them, it alleviates the insurance protection gap by increasing the availability and decreasing the cost of risk transfer.  To learn more, visit  https://www.extraordinaryre.com/

For Media Inquiries:

Nasdaq
Ryan Wells
ryan.wells@nasdaq.com
Direct: +44 (0) 20 3753 2231
Mobile:  +44 (0) 7809 596 390

Extraordinary Re
Cybil Rose
cybil.rose@kemperlesnik.com
Direct: 1.312.755.3537

-NDAQG-




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nasdaq via Globenewswire

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