Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance
Group, announced the launch of a dedicated product for financial ins
operating regulations in the burgeoning cryptocurrency market.
The product is designed for European crypto-asset service p
roviders, particularly those compliant with the EU's Markets in Cryp
to-Assets directive; a framework established to create uniform rules a
nd better protection for investors. Coverage includes related risks
d to professional liability, management errors, theft and fraud.
Offering limits of up to €3 million, the product will allow LSM to supp
ort the range of providers, from traditional banks and asset managers to
blockchain startups. It has been developed in response to increased demand from the financial sector, which faces o
ngoing uncertainty due to rapid macroeconomic, regulatory and techno
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logical changes, such as the rise of digital banking and cryptocurrencies.
With more than two decades of experience in the European financial
institutions’ insurance market, LSM’s latest product extends its
road existing range, which includes bankers' blanket bonds, professional liability, D&O and others.
Jorge Chao
“The crypto revolution presents significant opportunities, with increasing adoption redefining economic and fin
social relationships worldwide. The complex risks associated with that
are however a major strategic issue for financial institutions,” comm
ented Jorge Chao, head of financial institutions, LSM Europe, in a statement.
“The product announced today has been meticulously created, working with our cyber and technology teams
to close knowledge gaps that can hinder crypto insurance proposal
ns, allowing clients to pursue opportunities in the fast-developing crypto market safely,” Chao added.