B3i, the blockchain consortium made up of 38 leading insurers, has raised $16m over the last month.

The blockchain insurance consortium in its corporate registry filings in Switzerland revealed that approximately over half of the investment, nearly $8.34m, came in cash. Rest of the capital came as converted debt.

The latest fund raise brings the company’s total capital to more than $22m.

During its incorporation in March 2018, B3i had raised approximately $6.35m.

Concurrently, B3i has also reshuffled its board by adding new executives from existing consortium members.

As part of the changes, Gerhard Lohmann, CFO at Swiss Re, has been replaced by Theo Bachmann, a managing director and head of the P&C insurance underwriting center at Swiss Re.

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Except for Daniel Quermia, who is the CFO and director at MAPFRE RE, all other board members are chosen from existing B3i shareholders.

The consortium’s new board includes Antony Elliot of Zurich Insurance, Paolo Bagnasco of Generali, Bob Crozier of Allianz, XL Innovate’s Tom Hutton, SCOR’s Adrian Jones, Aegon Blue Square’s Chris Madsen, and Anton van der Linden or Achmea.

Founding shareholders of B3i include insurance giants such as Aegon, Allianz and Munich Re, Swiss Re, Tokio Marine, XL Catlin and Zurich.