New York Digital Investment Group (NYDIG), the investment arm of Stone Ridge Asset Management, is creating bitcoin-based products and services worth $6 trillion. The company has entered into strategic partnerships with major insurance companies, including Starr, Liberty Mutual, New York Life and Mass Mutual.
Entering the $9 trillion insurance industry
NYDIG, a leading provider of bitcoin investment technology and solutions, is bringing BTC to the global insurance market. On Thursday, the company unveiled a $6 trillion plan to create bitcoin-based products and services for the global insurance industry.
After raising funds from New York Life and Mass Mutual, two major life and annuity insurers, NYDIG received another $100 million in growth capital from property and casualty insurers. Among others, Starr Insurance and Mutual Freedom.
The global property and casualty insurance industry is huge, paying out more than $1 trillion in claims each year. I am pleased to welcome Starr and Liberty Mutual to NYDIG as part of our efforts to expand Bitcoin into new areas of insurance, said Robert Gutman, co-founder and CEO of NYDIG.
Ross Stevens, CEO of Stone Ridge and executive chairman of NYDIG, said:
The devaluation of the Swiss franc leads to inflation of premiums, while the purchasing power of insurance benefits decreases. We see a better future for the billions of people who depend on the insurance industry every year….. We will work tirelessly to develop new bitcoin denominated products for international insurance companies.
Hank Greenberg, Starr’s president and CEO: We have invested heavily and successfully with Ross and the Stone Ridge team over the years in their various initiatives, including as a founding investor in NYDIG in 2017.
Mike Sapnar, CEO of Transre, one of the world’s largest reinsurers, joins NYDIG as Global Head of Insurance Solutions, entering the $9 trillion global insurance market. He will oversee all of NYDIG’s insurance operations, with a focus on accelerating bitcoin innovation in the global property and casualty insurance industry.
For the US insurance sector, Matt Carey, Head of Insurance Solutions at NYDIG US, will focus on bitcoin-based solutions for US insurers. Prior to that, he was co-founder and CEO of Blueprint Income, the largest online annuity marketplace in the United States, which was recently acquired by Mass Mutual.
What are your thoughts on the adoption of bitcoin by the insurance industry? Let us know your comments in the section below.
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