Nayms has opened an office in Bermuda, and says it chose the location because the island is the global leader of the Insurance Linked Security (ILS) market and also has progressive legislation and regulations for the conducting of Digital Asset business.
The Bermuda Monetary Authority (BMA) is very supportive of Nayms’ innovative work, granting them a Digital Asset Business (Class M {modified}) License and an Innovative General Business Insurer license.
Nayms is a collaboration between co-founder and CEO Daniel Roberts and Insurtech Gateway, an incubator and fund based in London. Nayms began as a project exploring the problem of sourcing cryptocurrency capacity to cover crypto-losses, given the mismatch between assets and liabilities. The solution that grew out of this problem was a truly digital contract of insurance, with wider applications across the insurance industry.
The Nayms platform can be applied to the ILS market in a unique way. There is a liquidity problem in the ILS market, with the Nayms technology being piloted as a solution.
Premier David Burt said: “Nayms represents a promising blend of digital assets and insurance, which showcases what the future of insurance looks like.
“Bermuda has taken great strides to position itself as an attractive domicile for players like Nayms and it is exciting to see the kinds of new ideas that are being developed.”
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