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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
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
Jason Hart appointed Head of Proactive Cyber at CFC
5th February 2024
Specialist insurance provider, CFC, has hired Jason Hart as Head of Proactive Cyber, where he will be responsible for leading the continued development of CFC’s cyber threat analysis, vulnerability and threat detection service. Hart has over 20 years of experience in creating and developing information security offerings and services. In his most ... Read the full article
Regulatory challenges across energy, AI, and gaming industries: Clyde & Co
16th January 2024
Global law firm Clyde & Co has released its market predictions for the insurance industry in 2024, outlining key developments and challenges expected to shape the sector in the coming year. The firm's insights cover a range of issues, from the impact of AI on insurance to the opportunities and hurdles ... Read the full article
Hamilton adds two industry veterans to its Board
24th October 2023
Bermuda-based Hamilton Insurance Group Ltd., has announced that both Dr. Henna A. Karna and John J. Gauthier have been appointed to the firm's Board of Directors, effective October 24, 2023. A highly experienced veteran, Karna boasts more than 25 years of experience in leading innovation across digital/data in high-tech, consumer packaged ... Read the full article
Nayms launches its first fully capitalised insurance program on marketplace platform
19th June 2023
Blockchain based insurance marketplace Nayms has announced that it has launched its first fully capitalised insurance program on the Nayms Marketplace. The Nayms Marketplace brings together insurers, insureds, capital providers, brokers, and underwriters in an on-chain ecosystem - from capitalising balance sheets to paying premiums and claims. According to Nayms, this new ... Read the full article