Breach launches crypto carrier
Boston-based Breach Insurance , an insurtech with an exclusive focus on crypto risks, has been approved by the Bermuda Monetary Authority (BMA) to launch a new class IIGB insurer.
Founded in 2018, Breach was created with a mission to make crypto safer by creating net new insurance capacity.
The new carrier will allow Breach to underwrite emerging crypto risks as a primary insurer, with a key focus on the development of embedded products tailor made for crypto native technologies. The new offerings will be available through Breach’s proprietary insurtech platform via APIs.
The IIGB license is a special innovation class license designed for underwriting crypto risks. With the full-stack carrier, Breach has obtained regulatory authority to operate natively in both crypto and fiat with the ability to denominate policies, receive payments, and pay claims all in crypto.
The company also raised a fresh round of funding led by RW3 and LightShed Ventures, with participation from Raptor, Foundation Capital, Road Capital, Republic Capital, and Alumni Ventures. The capital raised will be used to launch the new Bermuda insurance carrier and to continue growing its countrywide licensed MGA in the US.