New York Digital Investment Group (NYDIG), the bitcoin investment arm of Stone Ridge Asset Management, is creating bitcoin-powered products and services for the $6 trillion global insurance industry. The company has formed strategic partnerships with major insurers, including Starr, Liberty Mutual, New York Life, and Mass Mutual.
Tapping Into $9 Trillion Insurance Industry
NYDIG, a leading provider of technology and investment solutions for bitcoin, is bringing BTC to the global insurance industry. The company revealed on Thursday a plan to create “bitcoin-powered products and services for the $6 trillion/year global insurance industry.”
Having previously raised funds from New York Life and Mass Mutual, two major insurers focusing on life insurance and annuities, NYDIG has now “raised $100 million of additional growth capital” from property and casualty (P&C)-focused insurers. They include Starr Insurance and Liberty Mutual.
“The global property & casualty (P&C) industry is huge, paying out over $1 trillion 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,” commented Robert Gutmann, co-founder and CEO of NYDIG.
Ross Stevens, CEO of Stone Ridge and Executive Chairman of NYDIG, expressed:
Fiat depreciation causes inflation in fiat premiums, while collapsing the purchasing power of claims. We see a brighter bitcoin-powered future for the billions who depend on the insurance industry every year … We will be working tirelessly to enable new bitcoin-denominated products for global insureds.
Hank Greenberg, Chairman and CEO of Starr said: “We’ve been broadly and successfully investing with Ross and the Stone Ridge team across their various initiatives for years, including as a founding NYDIG investor in 2017.”
In tapping into the $9 trillion global insurance industry, Mike Sapnar, CEO of Transre, one of the world’s largest reinsurers, is joining NYDIG as Global Head of Insurance Solutions. He will oversee all of NYDIG’s insurance activities, with a focus on “accelerating bitcoin-driven innovation in the global property and casualty (P&C) industry.”
For the U.S. insurance industry, Matt Carey, NYDIG’s U.S. Head of Insurance Solutions, will be focused on bitcoin-powered solutions for U.S.-based insurers. He was formerly co-founder and CEO of Blueprint Income, the largest online annuity marketplace in the U.S., which was recently acquired by Mass Mutual.
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Author: Kevin Helms