Insurer OKs cryptocurrency for premium payments

Universal Fire & Casualty Insurance Co. said Tuesday that it would accept cryptocurrency for premium payments.

The Waterford, Michigan-based property/casualty insurer said it accepts a variety of cryptocurrencies, including bitcoin, ethereum, bitcoin cash and litecoin, for premium payments for direct online license and permit bonds and other surety bond products.

John Lucker, executive vice president, chief strategy and analytics officer, said it “was not a matter of if, but when,” the company would accept cryptocurrency.

Rick Klimaszewski, president, COO and general manager of UFCIC’s surety bond business, said in the Tuesday statement that going forward, the insurer will continue expanding the menu of cryptocurrency options available for premium payment and customer convenience.