NYDIG, a subsidiary of different asset supervisor Stone Ridge that focuses on Bitcoin-related expertise for the monetary providers enterprise, has raised $100 million of extra capital from strategic companions together with Starr Insurance coverage and Liberty Mutual Insurance coverage.
These property and casualty insurers be part of NYDIG’s present life insurance coverage and annuity-focused buyers New York Life and MassMutual, NYDIG mentioned in a release.
NYDIG mentioned Mike Sapnar, CEO of reinsurer TransRe, will be part of the corporate as world head of insurance coverage options to concentrate on accelerating Bitcoin-driven innovation within the property and casualty business.
The corporate additionally mentioned that Matt Carey, NYDIG’s head of insurance coverage options, will concentrate on Bitcoin-powered options for U.S.-based life insurance coverage and annuity suppliers. Previous to becoming a member of NYDIG, Carey was co-founder and CEO of Blueprint Income, the biggest on-line annuity market within the U.S., which MassMutual just lately acquired from Stone Ridge.