Reinsurance News
Your search for “crypto”
Meanwhile secures $19m in funding across two seed rounds
6th June 2023
Meanwhile, the first and only life insurer with premiums in cryptocurrency, has announced roughly $19 million in financing across two seed rounds. The first was co-led by Sam Altman, the CEO of OpenAI and Lachy Groom, ex-Head of Stripe issuing, while Gradient Ventures led the second round of funding. The aim ... Read the full article
Evertas increases coverage limits to $420m
6th June 2023
Crypto insurance company Evertas has announced an increase in coverage limits, as well as the addition of mining operations to its coverage portfolio. The insurer’s per-policy coverage limits on custodial crypto assets will increase to $420 million, “nearly tripling the amount of risk transfer previously available to blockchain focused projects,” according ... Read the full article
Canopius launches digital asset custody product on Lloyd’s Asia platform
22nd May 2023
Global specialty re/insurer Canopius has announced it will underwrite its digital asset custody product from Singapore, noting it is the first carrier on the Lloyd’s Asia platform to provide coverage locally. The launch marks an extension of the product Canopius Syndicate 4444 underwrites in London, catering to a growing demand from ... Read the full article
Rising economic risks highlighting the importance of ERM: AM Best
3rd May 2023
According to a new report from rating agency AM Best, a vast majority of insurers understand the importance of enterprise risk management (ERM), with more than 90% of rated insurers possessing frameworks assessed at appropriate or better. But, the agency also states that given the escalation of risks in the US ... 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
ArentFox adds Insurance partner, Huhnsik Chung to New York office
14th December 2022
Law firm ArentFox Schiff has added Partner, Huhnsik Chung to the company's Complex Litigation and Insurance & Reinsurance groups. Based in the firms New York office, Huhnsik brings more than three decades of experience advising clients nationally and internationally in the highly regulated financial and insurance sectors. Huhnsik represents clients within a ... Read the full article
Evertas closes $14mn Series A round
14th December 2022
Crypto insurance company Evertas has announced the successful closure of a series A financing round. Led by Polychain Capital, the round raised $14 million, and in addition to a $5.8 million seed financing, this puts the company’s total outside investment at $19.8 million. In a press release, Evertas noted that it intends ... Read the full article
FTX collapse a “sobering warning” for insurers: AM Best
6th December 2022
The bankruptcy of cryptocurrency exchange FTX is the latest example of a corporate collapse resulting from governance failures, and carries some tough lessons for insurers, according to AM Best. Although FTX is not an insurance company, the rating agency asserts that the series of events leading to its collapse should nonetheless ... Read the full article