Liberty Specialty Markets (LSM), which is part of the Liberty Mutual Insurance Group, announced the launch of a product dedicated to financial institutions operating on the emerging market of cryptocurrencies.
The product is designed for European-active European service providers, in particular those who comply with the Crypto-Aset markets directive; A framework established to create uniform rules and better protection for investors. The coverage includes the risks linked to professional responsibility, management errors, flight and fraud.
Offering limits of up to 3 million euros, the product will allow LSM to support the range of providers, traditional banks and asset managers to blockchain startups. It has been developed in response to increased demand from the financial sector, which faces continuous uncertainty due to macroeconomic, regulatory and technological changes, such as the development of digital banks and cryptocurrencies.
With more than two decades of experience in the insurance market for European financial institutions, the latest LSM product extends its wide existing range, which includes the general obligations of bankers, professional responsibility, D & O and others.
“The cryptographic revolution presents important opportunities, with increasing adoption redefining economic and financial relations worldwide. The complex risks associated with which is however a major strategic problem for financial institutions, ”said Jorge Chao, head of financial institutions, LSM Europe, in a press release.
“The product announced today has been meticulously created, working with our cyber and technological teams to fill the knowledge gaps that can hinder crypto insurance proposals, allowing customers to pursue opportunities on the cryptographic market that quickly develops,” added Chao.
Source: Liberty Specialty Markets (LSM)
Subjects
Surplus new surplus markets
Interested in Surplus surplus?
Get automatic alerts for this subject.
