Reinsurance News
crypto
Marsh launches tailored insurance solution for EU crypto-asset providers
8th May 2024
Marsh, the insurance broking division of Marsh McLennan, has launched MiCAssure, a tailored insurance solution for crypto-asset service providers within the European Union (EU). This innovative insurance offering is designed for EU-based crypto-asset service providers such as custodians, exchanges, and administrators, who must comply with the forthcoming Markets in Crypto-Assets Regulation ... Read the full article
Munich Re develops crypto staking insurance solution for Boerse Stuttgart Digital
12th September 2023
In a groundbreaking move towards enhancing the security and accessibility of staking in Europe, Boerse Stuttgart Digital, a leading player in crypto and digital business among European stock exchange groups, has unveiled a strategic insurance partnership with Munich Re Group. The collaboration aims to offer institutional investors a secure and comprehensive ... Read the full article
Nayms launches the world’s first crypto-denominated industry loss warranty
9th August 2023
The crypto-native insurance marketplace, Nayms SAC Ltd., has announced issuing the world's first crypto-denominated industry loss warranty (ILW) through the second segregated account within its marketplace. This type of instrument is index-based and used for providing retrocession reinsurance protection to property reinsurers. Through this program Nayms provides coverage for US named ... Read the full article
Evertas acquires crypto mining insurer Bitsure
19th July 2023
Crypto insurance company Evertas has acquired Bitsure, an insurer dedicated to coverage for crypto mining operations. "Crypto mining is the computer processor intensive method by which most blockchains, including Bitcoin, verify transactions and issue new coins," Evertas explained. The firm continued, "Multiple factors combine to make insuring mining equipment significantly more complex ... Read the full article
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 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
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
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
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
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
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
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