First captive insurer to manage cryptocurrency risk in Bermuda

In Bermuda, a large financial institution has formed a captive insurance company to manage risks associated with cryptocurrencies in the event that digital assets stored by third parties are stolen from cold storage. While this is a very secure method of storing digital assets, this type of insurance provides protection against hacking or cybercrimes that could target these assets. This risk management pursuit provides Bermuda with the opportunity to be a centre of expertise for digital assets.