Nayms Briefing On Digital Asset Risk Insurance

November 27, 2021 | 0 Comments

Members of Bermuda’s digital asset, insurance and reinsurance sectors “have gained an insight into a new blockchain based market solution for insuring digital asset risk” at a Nayms breakfast briefing hosted in conjunction with Carey Olsen Bermuda Limited.

A spokesperson said, “The Bermuda regulated startup 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.

“The event, which was held earlier this week at Carey Olsen’s offices in Hamilton, saw delegates hear from Nayms chief executive Dan Roberts and Breach Insurance chief executive Eyhab Aejaz.

“Breach, a Boston-based insurtech startup, made headlines with Nayms earlier this year when it 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.

“Carey Olsen Bermuda partner Steven Rees Davies said the aim of the event 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.”

Mr. Davies said, “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, whist also developing new and innovative ways in which insurance and reinsurance can be brokered, marketed and managed.

“The opportunity to assist Nayms and Breach connect through of our office space in central Hamilton was a simple way for us to help with this collaborative effort”

Dan Roberts of Nayms said, “Thank you to Carey Olsen and the industry on Island for welcoming not just myself but 7 others on the Nayms Team. 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 3 years of hard work. Watch this space.”

The spokesperson said, “Carey Olsen Bermuda Limited is a company limited by shares incorporated in Bermuda and approved and recognised under the Bermuda Bar [Professional Companies] Rules 2009. The use of the title ‘Partner” is merely to denote seniority. Services are provided on the basis of our current terms of business, which can be viewed at www.careyolsen.com/terms-business.”

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