NYDIG Signs Partnerships to Bring Bitcoin to the Insurance Industry, a $ 6 Trillion Market
The New York Digital Investment Group (NYDIG), a bitcoin Investment arm of Stone Ridge Asset Management, is creating bitcoin-related products and services for the global insurance industry, a $ 6 trillion market. The company has formed strategic alliances with major insurers, including Starr, Liberty Mutual, New York Life, and Mass Mutual.
Having raised funds from New York Life and Mass Mutual, two major insurers with a focus on life insurance and annuities, NYDIG has now “raised $ 100 million in additional growth capital” from insurers with a focus on property and casualty ( P&C). They include Starr Insurance and Liberty Mutual.
“The global property and casualty (P&C) industry is huge, paying more than $ 1 billion in claims annually. I am excited to welcome Starr and Liberty Mutual to NYDIG as part of our expansion of bitcoin into new areas of insurance, ”said Robert Gutmann, co-founder and CEO of NYDIG.
Ross Stevens, CEO of Stone Ridge and CEO of NYDIG, said:
“The depreciation of the fiat currency causes inflation in fiat premiums, at the same time that the purchasing power of claims collapses. We see a better bitcoin-powered future for the billions that depend on the insurance industry each year… We will work tirelessly to enable new bitcoin-denominated products for global policyholders. "
Hank Greenberg, President and CEO of Starr, said:
"We have been investing extensively and successfully with Ross and the Stone Ridge team in their various initiatives for years, including as a founding investor in NYDIG in 2017."
Exploring the $ 6 trillion global insurance industry, Mike Sapnar, CEO of Transre, one of the world's largest reinsurers, joins NYDIG as global director of insurance solutions. He will oversee all of NYDIG's insurance activities, with a focus on "accelerating bitcoin-based innovation in the global property and casualty (P&C) industry."
For the US insurance industry, Matt Carey, NYDIG's US Head of Insurance Solutions, will focus on bitcoin-powered solutions for US-based insurers. He was previously the co-founder and CEO of Blueprint Income, the largest online annuity marketplace in the United States, which was recently acquired by Mass Mutual.
