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Cryptocurrency firm Gemini sets up captive insurer in Bermuda
16th January 2020
Gemini Trust Company LLC, a cryptocurrency exchange and custodian, has set up a captive insurance company in Bermuda, with support from re/insurance brokers Marsh and Aon. Licensed by the Bermuda Monetary Authority (BMA), the captive will provide insurance for customers of Gemini Custody, the crypto cold storage service by Gemini. The solution ... Read the full article
Arch & Marsh develop $150mn policy for crypto security firm Ledger
15th November 2019
Arch Insurance (UK) Limited and Marsh have collaborated to provide a customised crime insurance program that covers digital assets secured by the Ledger Vault platform. Ledger Vault is a core business unit of Ledger, a security firm for cryptocurrencies and blockchain applications. It provides information technology infrastructure for financial institutions to securely ... Read the full article
Coinbase & Aon exploring plans to set up captive crypto insurer
11th July 2019
Coinbase, a San Francisco-based digital currency exchange, is exploring plans to set up its own captive insurance company with the help of re/insurance broker Aon, according to reports from coindesk. The company would insure risks related to crypto-currencies, an area Aon took its first steps in earlier this year via the ... Read the full article
Aon partners on crypto asset storage insurance solution
14th June 2019
A panel of London insurers arranged by Aon will offer a crime insurance product to clients of SILO, a solution from Swiss financial technology firm METACO. SILO is METACO’s integrated hot-to-cold wallet management solution for financial institutions and is designed to help clients protect digital assets from losses resulting from loss, ... Read the full article
Cryptoasset insurer BlockRe to launch new risk assessment tool
19th November 2018
BlockRe, a cryptoasset insurance company, has announced the launch of a new underwriting and risk assessment tool to aid in the issuing of insurance policies in the cryptoasset and blockchain space. BlockRe claims the solution, which was created in July, will be one of the only comprehensive third-party risk assessment tools ... Read the full article
Cryptocurrencies need regulation before they could materially impact reinsurers: S&P
21st February 2018
As cryptocurrencies gain traction within financial markets, bringing the potential to infiltrate the traditional financial systems and expose re/insurers to the possibility of a bubble burst, S&P stated in a report that cryptocurrencies would need some regulation before they could have a major impact on the financial markets. Analysts believe the ... Read the full article
Reinsurance Group of America backs cryptocurrency startup Bitspark
7th November 2017
Hong Kong domiciled FinTech that provides cryptocurrency brokerage services to global Money Transfer Operators (MTOs), Bitspark Limited, has secured funding from Reinsurance Group of America's (RGA) innovation accelerator, RGAx. Bitspark's money exchange technology and placement in the blockchain sector offers a unique perspective on international cash-based remittance transactions. The announced funding from RGAx will see ... Read the full article
Cyber market cooling as more solutions needed for systemic risks: AM Best
24th March 2023
The hot cyber market is starting to cool due to a slower pace of rate increases and cutbacks in capacity. At the same time, as the market evolves, more solutions are needed to address the systemic risk it possesses, according to a recent report by AM Best. The COVID-19 pandemic shifted ... Read the full article
Mosaic hires litigator Bowden to lead its new liability coverage offering
24th March 2023
Specialty insurer, Mosaic Insurance has added litigation liability coverage to its professional lines offering, appointing experienced litigation solicitor, Sarah Bowden to run the new book. The coverage will offer financial protection to policy-holders against the risk of adverse legal costs when pursuing litigation or arbitration. Bowden leads the product, also known ... Read the full article
SVB intervention saved insurers from financial distress, warns AM Best
14th March 2023
Underwriters of directors and officers insurance for startups and venture capitalists, as well as the financial institution insureds supporting them, narrowly avoided financial distress thanks to US Government intervention around the collapse of Silicon Valley Bank, AM Best has warned. The potential for D&O claims for startups in particular would have ... Read the full article
Helen Ye named CEO of Dual Alpha Underwriting
8th March 2023
Helen Ye has been named Chief Executive Officer of DUAL Alpha Underwriting, an MGA brand operated by the DUAL Group. Ye joins DUAL Alpha Underwriting from OneInfinity, a firm that offers businesses in the blockchain and cryptocurrency industry customised insurance protection and consulting services. Here, she worked as Chief Commercial Officer. Before ... Read the full article
Insurance M&A slowdown may be best time for attractive deals: PwC
16th February 2023
Analysts at PwC have forecast that mergers and acquisitions (M&A) in the re/insurance sector could be set to slow in response to inflationary and interest rate challenges, but have added that this could also create the conditions for deals at more attractive terms. Overall, PwC expects M&A deals across all financial ... Read the full article
Vesttoo appoints Thomas Rose as Head of Capital Markets, North America
9th February 2023
Digital insurance risk transfer and investment platform Vesttoo has announced the hiring of capital markets executive Thomas Rose as its new Head of Capital Markets, North America. Rose holds more than two decades of experience, having previously held key positions at Barclays Global Investors, BlackRock, and Neuberger Berman. Before joining Vesttoo, he ... Read the full article
New EU cyber legislation directionally positive, neutral to credit ratings: Fitch
2nd February 2023
As new cybersecurity rules have recently come into force in the European Union, Fitch Ratings stated that, while they are directionally positive, enhancing cybersecurity postures from compliance with regulations is neutral to credit ratings. These rules include the NIS2 Directive, which replaces its 2016 predecessor NIS; the Resilience of Critical Entities ... Read the full article
AGCS outlines the five most-worrying trends for 2023
15th December 2022
Allianz Global Corporate & Specialty (AGCS) has released a new report giving its insights for the coming year on the international directors and officers market. The report says that the five trends needed to guard against in 2023 are economic and recession risks, cyber security struggles, ESG disclosures and exposures, US class ... Read the full article
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