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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
FTX clients likely to lose out significantly after collapse; litigation to last for years: Dan Wyatt, RPC
17th November 2022
The recent and dramatic collapse of FTX, the Bahamas-based cryptocurrency exchange launched in 2019 by Sam Bankman-Fried, is likely to result in years of litigation in numerous jurisdictions, according to Dan Wyatt, Partner at RPC, an international commercial law firm headquartered in London. After receiving backing from some of the biggest ... Read the full article
Copper unveils $500m of cold storage insurance, led by Canopius & brokered by Aon
10th November 2022
Copper.co, a provider of institutional digital asset custody and trading solutions, has secured $500 million of insurance protection for digital assets in cold storage from a panel of carriers led by specialty insurer and reinsurer, Canopius, and arranged by re/insurance broker Aon. For Copper, obtaining this level of insurance coverage follows ... Read the full article
Alta Signa Europe’s Italy branch launches into primary D&O
18th October 2022
European boutique Managing General Agent (MGA), Alta Signa Europe B.V. has announced that its Italian operation, Alta Signa Italy, has successfully launched into writing primary directors’ and officers’ (D&O) insurance. Alta Signa Italy is addressing demand for tailored primary D&O insurance for SMEs in the €50-500 million revenue range across sectors. Moreover, ... Read the full article
Embroker hires David Derigiotis to new role as CIO
13th October 2022
Digital platform Embroker has named David Derigiotis as its new chief insurance officer. The firm said in a statement that Derigiotis was coming onboard to lead the development of Embroker’s innovative insurance vertical products, particularly cybersecurity, technology, and privacy offerings. Before taking on this new role, Derigiotis served as corporate senior vice ... Read the full article
Canopius provides $50m of coverage for digital assets firm
5th October 2022
Global specialty re/insurer Canopius Group has provided $50 million of insurance coverage for digital assets financial services ecosystem, Matrixport. The coverage applies to digital assets help in cold storage with Cactus Custody, the institutional custodian for Matrixport. This storage solution safeguards funds and digital assets under custody for over 200 institutional clients ... Read the full article
Blockchain-powered reinsurer Re raises $14 million seed round
3rd October 2022
Re, a blockchain-powered reinsurance company, has raised $14 million in seed-round funding to build a decentralised system for investors which will allow them to gain exposure to “a massive and uncorrelated asset class” that is insurance premiums. Tribe Capital, Defy, Exor, Stratos, Framework, Morgan Creek Digital and SiriusPoint participated in the ... Read the full article
D&O insurance results improve, though premium growth stalls: Fitch
20th September 2022
According to Fitch Ratings, the U.S. Directors & Officers (D&O) insurance results in the first half of 2022 have improved, though premium growth has stalled. The D&O insurance line has experienced some of the most pronounced pricing increases over the last three years among all commercial lines, with shifts in underwriting ... Read the full article
Nayms appoints Nick Zagoreos Head of Capital Markets
25th July 2022
Nayms, a Bermuda-based crypto insurer, has named Nick Zagoreos as Head of Capital Markets. In his new role, Zagoreos will be responsible for supporting Nayms insurance partners with their capital raising efforts and scaling the available capacity on Nayms for new programs. Additionally, he will be connecting with crypto-venture firms, hedge funds ... Read the full article
Geneva Association says industry has important role in combatting ransomware
22nd July 2022
A new report from the Geneva Association says that there is an important role for private re/insurers in helping combat the rising threat of ransomware. The report says that cyber insurance does more than provide cover against attacks, covering also first- and third-party losses incurred by victims and providing support to ... Read the full article
Munich Re backs smart contract insurance provider
12th July 2022
Chainproof, which plans to offer licensed, institutional-grade insurance coverage for open-source, non-custodial smart contracts, has announced its launch. With reinsurance backing from Munich Re, Chainproof aims to bridge the worlds of traditional insurance and decentralized finance (DeFi). The rapidly growing world of DeFi has over $70B of total value locked, a ... Read the full article
Beazley to offer additional capacity to ESG compliant clients
28th June 2022
Marsh has announced that specialist insurer Beazley is to offer global access to additional capacity to clients that opt in to its Environmental, Social, and Governance (ESG) Risk Rating. Launched in March, Marsh’s ESG Risk Rating is an assessment tool that can measure an organisation’s ESG performance, ... Read the full article
US cyber liability market continues growth trend
22nd June 2022
Direct premiums written in the US cyber liability market continued to grow in 2021, seeing a 75% increase, far outpacing that of the overall property/casualty insurance industry. However, according to an AM Best report, there has been a 16% increase in claims and just a modest reduction in the loss ... Read the full article
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