The Bitcoin investment arm of Stone Ridge Asset Management, known as the New York Digital Investment Group (NYDIG) has formed strategic partnerships with major insurers.
And in doing so, it aims to create Bitcoin powered products and services for the $6 trillion global insurance industry. The company revealed these plans on Thursday, confirming that it has partnered up with insurers like Starr, Liberty Mutual, New York Life, and Mass Mutual.
NYDIG is known as a leading provider of technology and investment solutions for Bitcoin, and has previously raised funds from New York Life and Mas Mutual — the two major insurers that focus on life insurance and annuities.
It has now raised $100 million of additional growth capital from property and casualty focused insurers, including Starr Insurance and Liberty Mutual.
Robert Gutmann, cofounder and CEO of NYDIG expressed:
“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.”
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 industry.
For the US insurance industry, Matt Carey, NYDIG’s US Head of Insurance Solutions, will be focused on bitcoin-powered solutions for US based insurers.
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