Updated: Nov 28, 2021 05:51 PM
Members of Bermuda’s digital asset and re/insurance sectors gained insights into a new blockchain-based market solution for insuring digital-asset risk at a breakfast briefing by Bermuda-regulated start-up Nayms hosted in conjunction with law firm Carey Olsen Bermuda Limited.
Carey Olsen said that Nayms is leading the way in providing a new digital-asset risk market with its insurance-linked smart-contract platform that allows regulated brokers and underwriters to find digital-asset capital providers to share in the premium and liability entailed in covering digital-asset risk.
Attendees heard from Nayms chief executive Dan Roberts and Breach Insurance chief executive Eyhab Aejaz at the event, held at Carey Olsen’s offices in Hamilton.
Earlier this year, Breach, a Boston-based insurtech start-up, announced the placement of a crypto-denominated cyber insurance policy with CoinList, a full-service token sale and crypto-trading platform.
The policy, issued in partnership with Nayms, covers electronic theft and phishing risk, with collateral denominated in Bitcoin using open-source software supported by MakerDAO.
Steven Rees Davies, a partner at Carey Olsen Bermuda, said that the aim of the briefing was to create a forum for technical and regulatory collaboration by bringing together experts from both the resident digital-asset sector and Bermuda’s well-established insurance and reinsurance sectors.
He added: “It is important for participants in both the digital-asset sector and insurance and reinsurance sectors to connect and collaborate on developing innovative and workable solutions to the insurance needs of the digital-asset sector, whilst also developing new and innovative ways in which insurance and reinsurance can be brokered, marketed and managed.”
Speaking for the team of eight Nayms delegates, Mr Roberts said: “We have enjoyed connecting with our partners, service providers, the regulators and the market as we look forward to significant growth throughout 2022 and some exciting announcements off the back of almost three years of hard work. Watch this space.”
Dan Roberts of Nayms and Eyhab Aejaz of Breach Insurance are joined by delegates from Bermuda’s digital-asset, insurance and reinsurance sectors
