Major Insurance Broker Aon Secures Crime Coverage for Crypto Custody Solutions Firm
Aon will reportedly provide crypto custody solutions provider Metaco with crime insurance coverage via a group of predominantly European insurers.
Aon — a leading insurance broker that purports to occupy 50% of the crypto-insurance market — will reportedly provide crypto custody solutions provider Metaco with crime insurance coverage via a panel of London insurers. The news was revealed in a Metaco press release published by fintech news outlet Finextra on June 11.
Lausanne-based Metaco is part-owned by Swiss telecoms giant Swisscom, the country’s national postal service, Swisspost and banking technology vendor Avaloq.
The insurers — none of whose names have been disclosed — will reportedly provide the crime insurance coverage for institutions using Metaco’s SILO crypto asset infrastructure solution for hot and cold storage, which implements hardware security module-based technology.
While the fiat currency value of the coverage has similarly been kept under wraps, Aon has revealed that the policies provided will cover a wide gamut of risks — including private key destruction due to natural disasters and losses incurred by third-party hacks of hot wallets.
Last summer, Cointelegraph reported that big-name insurers such as AIG, Allianz, Chubb, Aon and XL Group have been increasingly adapting their coverage options to protect businesses in the crypto space, often using a high number of underwriters to provide policies for what is perceived to be a high risk sector.
This May, Andreessen Horowitz-backed crypto custodian Anchorage revealed it had acquired a crime insurance policy via a partnership with Aon.
In December, Metaco partnered with Avaloq and Swiss bank Gazprombank to implement an integrated crypto asset solution designed for banks and wealth managers.
June 11, 2019 at 02:53PM Posted by cointelegraph
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