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Crypto insurer Relm reserves for FTX collapse exposure

7th December 2022

The co-founder and CEO of insurer Relm has said that the firm has allocated an undisclosed amount of its general reserve for claims arising from the implosion of crypto exchange FTX. Writing on the firm’s website, Joseph Ziolkowski said that it had been ‘a difficult period’ in the ‘digital asset industry’ ... Read the full article

USI Insurance Services and GK8 team up on crypto insurance cover

30th November 2022

Broker and consulting firm USI Insurance Services is to team up with platform GK8 to launch a new plan giving the latter’s customers up to $1bn of dedicated cover. A joint statement from the two firms said that plan will allow GK8’s crypto custody solution offers access to the highest insurance ... Read the full article

Crypto crash may push re/insurers to add new exclusions

18th July 2022

The cryptocurrency price crash could accelerate the process of insurers rewriting policies to reduce potential exposure, according to the law firm RPC. The company says insurers are likely to review or amend policy wordings to ensure they are not indirectly insuring losses arising from the activity of clients ... Read the full article

Frontier to offer cannabis and crypto risks solution in APAC region

24th June 2022

Frontier Global Underwriting has announced it will be offering its D&O and Professional Liability to cannabis, crypto and Web3 risks in Asia Pacific. The new offering by the specialist financial lines MGA and Lloyd's of London coverholder, will be supported by new capacity from global emerging risk insurer, Relm Insurance. Frontier will ... Read the full article

Beazley launches D&O solution for crypto companies

17th June 2022

Specialist insurer Beazley has announced the launch of a new Directors’ & Officers’ liability (D&O) insurance product tailored specifically for crypto companies. According to the insurer, CryptoGuard - the first of its kind in the London and US markets - will put out capacity of up to $10m. Designed to address the ... Read the full article

Crypto & quantum computing among top risks flagged by Swiss Re

16th June 2022

Crypto assets and quantum computing have been flagged by analysts at Swiss Re as two of the most significant emerging risks for insurers and reinsurers, with the potential to create new risks within the global financial system. Swiss Re's 10th edition of SONAR covers 14 emerging risk topics across technological, economic, ... Read the full article

Relm launches reinsurance business that accepts fiat and crypto

6th April 2022

Relm, an insurance provider to the crypto sector and only commercial insurer globally to hold Bermuda's IIGB License, has launched Relm II, a fully regulated collateralised reinsurance business that can accept both fiat and crypto as collateral. The new business enables the creation of regulated reinsurance capacity for companies operating in ... Read the full article

Boost, Breach, and Relm partner for crypto wallet product

15th February 2022

The companies Boost Insurance and Breach Insurance have developed a crypto insurance product called Crypto Shield for retail wallet holders that is supported with reinsurance backing from Relm. A statement from the two companies said that the product will offer cover for the theft of cryptocurrency while in the custody of ... Read the full article

SiriusPoint invests in crypto data & tech provider Lukka

19th January 2022

Global specialty re/insurer SiriusPoint has announced a new investment into Lukka, an institutional crypto data and software provider. Lukka raised $110 million in its latest round of financing, with SiriusPoint acting as one of the lead investors. The company says this latest investment will enable it to expand its offering to institutional ... Read the full article

Cryptocurrencies & claims a focus of the seventh Lloyd’s Lab cohort

6th August 2021

Lloyd's has today unveiled the next 11 InsurTech startups joining the seventh group of the Lloyd's Lab innovation accelerator programme, which this time will focus on the development of simpler products and solutions targeting the cryptocurrency space. Lloyd's selected its next cohort of InsurTech startups from 179 applications, with each successful ... Read the full article

Aon partners with Nayms & Realm on crypto offering

9th March 2021

Re/insurance broker Aon has partnered with crypocurrency insurtech firm Nayms and Bermudian specialist insurer Realm to launch a new blockchain-enabled crypto pilot. As part of the collaboration, Aon via Nayms will conduct a first pilot with Teller Finance, a decentralized lending protocol, to highlight the ability to scale cover by matching ... Read the full article

Arch’s Lloyd’s Syndicate 2012 leads $100mn Crypto.com policy

12th May 2020

Arch Underwriting at Lloyd's Syndicate 2012 has helped provide a $100 million direct insurance policy to Crypto.com, a cryptocurrency finance platform formed in 2016. This is the largest coverage that Crypto.com has secured for its cold storage assets on custodial partner Ledger Vault. The new policy brings Crypto.com's total cryptocurrency insurance to ... Read the full article

New Lloyd’s policy to cover cryptocurrency wallets

2nd March 2020

Insurance and reinsurance marketplace Lloyd’s of London has launched a new insurance policy designed to protect cryptocurrency held in online wallets against theft or other malicious hacks. The policy was created by Lloyd’s syndicate Atrium in conjunction with Coincover to protect against losses arising from the theft of cryptocurrency held in ... Read the full article

Munich Re’s HSB warns crypto adoption can raise SME cyber risk

6th February 2020

HSB, part of reinsurance giant Munich Re, has underlined the risks of cryptocurrency after a survey found at least one-third of US small and medium-sized businesses accept it as a payment method. The survey, conducted in conjunction with Zogby Analytics, found that 36% of SMEs accepted cryptocurrency, while 59% of those ... Read the full article

Crypto exchange Bittrex secures $300m cold storage cover

3rd February 2020

US blockchain technology and cryptocurrency exchange Bittrex has obtained digital asset insurance of up to $300 million for its cold storage system. Bittrex worked closely with Marsh in placing cover with Arch Syndicate 2012, which provides protection from external theft and internal collusion. The company was approved for the coverage after successfully ... Read the full article