Crypto insurer Relm introduces Relm II – The Royal Gazette
Updated: 06 April 2022 16:27
A new company from Bermuda is the world’s first fully regulated collateral reinsurance firm that can accept both fiat and crypto as collateral.
Bermuda-licensed Relm, the world’s first and only commercial insurer to hold Bermuda’s IIGB license – and billing itself as the world’s leading provider of insurance for the crypto industry – has now launched Relm II.
The company’s unveiling coincided with the start of Bitcoin 2022, the world’s largest gathering of bitcoiners.
More than 6,000 industry leaders, 80 speakers and more than 4,000 companies are attending the event, which kicked off Wednesday.
Relm II enables the creation of regulated reinsurance capacity for companies operating in the crypto space.
The company said: “These companies are at the forefront of new technologies, products and services and need significantly higher limits of insurance protection than the current (re)insurance market is able to. provide.
“This capability will in turn enable Relm to expand its support for crypto businesses to achieve significant scale and growth with enhanced levels of insurance protection.
“The ability of Relm II to accept fiat or crypto collateral is a key distinction in the collateral reinsurance space.
“Relm can now tap into the substantial pools of capital from aligned investors to support traditional lines of coverage, such as D&O and professional indemnity, as well as Relm’s recent product launches for contract failure insurance. smart devices, discount insurance, and BTC-denominated crypto theft insurance, among others.
“Coupling Relm’s unique underwriting strategy with investor capital will allow Relm to continue to solve problems in the fast-growing crypto industry where demand for regulated insurance exceeds capacity.”
The press release continues: “A particular need for regulated coverage exists in the expanding decentralized financial space.
“According to theblockcrypto.comthere is currently over $225 billion in total value locked in smart contracts across nearly 2,000 projects.
“Since early 2020, over $1.8 billion of capital committed to DeFi has been lost via exploits.
“With the integration of Relm II capability, Relm will be able to offer higher coverage limits in the event of smart contract failure allowing institutional capital to move into the DeFi sector with higher levels of protection. ‘more appropriate insurance.’
Joe Ziolkowski, CEO and Co-Founder of Relm and Relm II, said, “I am thrilled to announce the launch of Relm II at the iconic Bitcoin 2022 conference in Miami, where Relm is a sponsor for the second consecutive year.
“As the world’s leading crypto insurer in our third year of business, our mission is to energize crypto businesses, enabling them to scale and grow.
“Relm II is an extension of this mission and a further demonstration of our commitment to supporting emerging sectors and our ability to think creatively and use regulated (re)insurance infrastructure to address capacity issues in the crypto industry. We are excited to collaborate with aligned financial partners to build meaningful insurance capacity as the crypto economy becomes mainstream.
Joe Ziolkowski is also a speaker at the event.
Relm II is domiciled in Bermuda and will operate under the Innovative Insurer – General Business license regulated by the Bermuda Monetary Authority. The IIGB license means that Relm II as well as Relm can trade fiat or crypto financially.
Joseph Ziolkowski CEO and Co-Founder of Relm Insurance, Ltd.