Canopius Group, a leading global specialty (re)insurer, today announced it will underwrite its market-leading digital asset custody product from Singapore. With the product available immediately, Canopius is the first carrier on the Lloyd’s Asia platform to provide coverage locally for the custody of digital assets. As world governments increasing move to launch digital currencies, plus regulate the assets market and exchanges as best they can, the next step is consumer trust. One way to build that trust into a new monetary system is via insurance.
Custody refers to the generation and storage of private keys, which enable the transfer of digital assets on a blockchain. Canopius can offer an individual line size of up to $130mn for eligible custody solutions, and the product provides coverage traditionally only available in the Crime and Specie markets separately. The product will be available to financial institutions and covers a broad range of digital assets, including cryptocurrencies, stablecoins and crypto tokens including non-fungible tokens and asset backed tokens.
The launch marks an extension of the product Canopius Syndicate 4444 underwrites in London, catering to a growing demand from the increasing number of businesses exploring digital asset holdings in the Asia Pacific (APAC) region.
Nicholas Edwards, Head of Specie, Canopius, said:
“As the leading underwriter globally for digital asset custody insurance, we are delighted to make this product available locally in Singapore. To date, this class of business has been written primarily from London, so we’re pleased to be able to offer the specialist knowledge required to underwrite this class of business regionally, tailored to countries throughout APAC. We are looking forward to developing even closer working relationships with our clients and distribution partners in the region, and being able to establish more touch points with local regulators who are facilitating the growth of this nascent sector.”
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