Cryptoasset insurer granted license in Bermuda
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Evertas Inc. has been granted a license to operate from Bermuda, the Chicago-based cryptoasset insurer announced Wednesday.
Evertas Insurance Ltd. will operate as a Class 3A insurer after being licensed by the Bermuda Monetary Authority, Evertas said.
The Bermuda insurer aims to start issuing policies for theft and loss of cryptoassets, with a view to securing a rating within three to five years, Evertas said in a statement.
These types of losses can result from physical theft, cyberattacks/hacks, social engineering and natural disasters, Evertas said.
The Bermuda operation is focused on covering institutional holders of cryptoassets, including exchanges, custodians, traditional financial institutions, funds, family offices and ultra-high-net-worth individuals, Evertas said.
Artex Risk Solutions (Bermuda) Ltd., a unit of Arthur J. Gallagher & Co., will serve as insurance manager and principle representative in Bermuda.
Cryptoassets are a rapidly expanding asset class, with total market capitalization of $300 billion, and very few insurers currently operate in the sector, Evertas said.
“Obtaining our Bermuda license is a key piece in the jigsaw for growing our business by expanding internationally,” J. Gdanski, Evertas CEO and founder, said in the statement.
Class 3A insurers are small commercial insurers and required to maintain minimum capital and surplus of $1 million.
Evertas in March announced plans to launch a managing general agent specializing in cryptoasset-related theft/loss coverages.
The Bermuda license is in addition to the MGA plans, a spokesman said via email.
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