Relm Insurance, Licensed by Bermuda, Introduces Suite of Crypto Risk Products

Relm Insurance, licensed by the Bermuda Monetary Authority, has introduced a comprehensive suite of cryptocurrency risk products, catering to various aspects of the digital asset landscape. These offerings include coverage for cyber risks, wallet custody, professional liability related to crypto trading, and protection against losses incurred through staking assets on the Ethereum blockchain. This initiative reflects Relm's commitment to providing insurance solutions for emerging industries, alongside its existing coverage for sectors like cannabis and psychedelics. Historically, obtaining adequate insurance for crypto-related risks has been challenging, with limited options available primarily in the commercial crime and specie markets. However, recent developments, such as Marsh's $850 million insurance offering for cold storage and custody solutions, indicate a growing capacity in the insurance industry to address crypto-related risks. Relm's CEO, Joseph Ziolkowski, emphasised the company's focus on complex exposures within the crypto space, where fewer insurers are willing to provide coverage, highlighting the importance of tailored insurance solutions for this evolving sector.