New reinsurance business that accepts crypto and fiat enters market
Relm, an insurance provider to the crypto sector and only commercial insurer globally to hold Bermuda's IIGB License, has launched a fully regulated collateralised reinsurance business that can accept both fiat and crypto as collateral.
The new business, called Relm II, enables the creation of regulated reinsurance capacity for companies operating in the crypto space.
This capacity in turn will enable Relm to expand its support for crypto businesses to achieve significant scale and growth with enhanced levels of insurance protection.
The ability for Relm II to accept collateral in either fiat or crypto is a “critical distinction” within the collateralised reinsurance space.
Relm II is domiciled in Bermuda and will operate under the “Innovative Insurer – General Business” authorisation regulated by the Bermuda Monetary Authority. The IIGB license means that Relm II as well as Relm can trade financially in either fiat or crypto.
Joe Ziolkowski (pictured), CEO and co-founder at Relm and Relm II, said: “As the world’s leading crypto insurer in our third year of operations, our mission is to energise crypto businesses, enabling them to scale and grow. Relm II is an extension of that mission and a further demonstration of our commitment to support emerging sectors and our ability to think creatively and utilise regulated (re)insurance infrastructure to solve capacity problems in the crypto industry.
“We are excited to collaborate with aligned capital partners to build meaningful insurance capacity as the crypto economy becomes mainstream.”
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