DeFi insurance protocol Nexus Mutual provides insurance for mutual insurance organizations in the UK

ChainCatcher news, according to CoinDesk, the DeFi insurance protocol Nexus Mutual has established a partnership with the UK company InShare, which manages mutual insurance organizations. Nexus will add a portion of its $274 million on-chain capital pool capacity to the mutual organization The Retail Mutual, which is a UK-based mutual organization consisting of over 5,000 shop owners and small retail businesses.

According to the agreement, if The Retail Mutual incurs more than 57% of community contributions in any given year and a single claim exceeds £200,000 ($255,000), Nexus will provide compensation. The Retail Mutual generates approximately £2 million in annual revenue, so if the claim amount exceeds £1.14 million, Nexus will cover the excess portion.