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OneInfinity is an insurance coverage and know-how product providing designed particularly for digital asset buying and selling platforms, custodians, asset managers and know-how suppliers. Beneath this partnership, Munich Re will present reinsurance capability and help OneDegree’s technical underwriting. The companions additionally decide to constructing modeling capabilities primarily based on OneDegree’s distinctive CeFi and DeFi incident database to help future product innovation.
OneInfinity bundles OneDegree insurance coverage with Cymetrics’ options. Cymetrics helps firms look at cyber, blockchain and digital asset dangers from the attitude of hackers and insiders in a extra agile and versatile method. Cymetrics is a separate product provided by a sister firm of OneDegree.
With the fast and mass adoption of digital property, the worldwide market worth of digital property surged to a document excessive of US$3 trillion by the top of 2021[1]. To make sure the neighborhood’s sustainable progress, a key strategic precedence shared by Web3 builders, operators, contributors and coverage makers is to construct a compliant and safe Web3 ecosystem by establishing and adopting greatest follow in threat administration. Nevertheless, lack of insurance coverage capability has not solely put Web3 practitioners at better threat, but in addition hampered institutional buyers’ participation. One of many key causes for the dearth of insurance coverage capability globally is the shortage of knowledge and experience to underwrite dangers associated to digital property.
Licensed by the Hong Kong Insurance coverage Authority as a digital insurer since April 2020, OneDegree has shortly established itself because the main digital insurer within the Hong Kong market by variety of paid customers. Its tech DNA provides it a aggressive benefit within the digital asset house as a result of it may possibly mix sturdy underwriting experience with refined knowledge analytics and technical know-how. By partnering with Cymetrics it may possibly additionally supply superior cybersecurity capabilities to purchasers. OneDegree has leveraged these distinctive strengths, in addition to its inter-disciplinary information of blockchain know-how, threat administration and compliance, to optimize OneInfinity for the end-to-end suppliers of digital asset providers.
Rated A+ by A.M. Greatest and Aa3 by Moody’s, Munich Re is likely one of the main reinsurers globally. It co-founded the Blockchain Insurance coverage Trade Initiative and not too long ago began a mission to be able to seize the enterprise potential of the strongly rising digital asset market. OneDegree is worked up to have been chosen by Munich Re as their digital asset associate, after passing the reinsurer’s rigorous due diligence. Howden RE’s Hong Kong workforce supported OneDegree to determine this essential partnership.
Alvin Kwock, Co-Founding father of OneDegree, mentioned, “We’re delighted to work intently with Munich Re to supply OneInfinity, a market-leading digital asset insurance coverage product. Digital asset insurance coverage is ready to be the gold normal serving the Web3 neighborhood. Regulated insurance coverage protection is a robust signaling impact that helps
belief and credibility of the insured entities. OneDegree is privileged to be Asia’s first insurer to contribute to the safe and compliant improvement of Web3.”
Helen Ye, Chief Industrial Officer of OneDegree, mentioned: “This partnership is a sport changer. With Munich Re’s help, OneInfinity provides a lot wanted safety to the Web3 neighborhood. Extra importantly, each OneDegree and Munich Re have invested assets in constructing a digital asset native workforce and now we are going to be part of palms to deepen and broaden our understanding of the total spectrum of dangers regarding end-to-end digital asset operations. We’re assured that the partnership will contribute to establishing greatest follow in threat administration for the digital asset trade. By doing so, we imagine our product and know-how choices shall be one other step ahead in enabling the fast-growing digital asset trade to unlock worth and potential.”
Becky Tam, Normal Supervisor of Digital Asset Insurance coverage in OneDegree, mentioned: “That is the insurance coverage sector with one of many highest entry obstacles due to the technical inter-disciplinary information required. As a digital native insurer, OneDegree is uniquely positioned to leverage such information, in addition to our insurance-based analytics capabilities, in creating this progressive product providing. We’re grateful to all of the trade gamers from the digital asset sector, blockchain service suppliers and cybersecurity specialists to offer beneficial recommendation for us in constructing the product. We’re particularly glad to associate with Munich Re to deliver reinsurance capability and experience to reply the ever-growing demand.”
Greg Barats, Senior Government at Munich Re and President & CEO of HSB, a Munich Re Group firm, mentioned: “We’re wanting ahead to teaming up with OneDegree as a key associate for our digital asset initiative. OneDegree is a digital native insurance coverage participant, that’s a part of an progressive group of tech firms. Accordingly, this partnership permits us to be optimally positioned to serve the essential and increasing digital asset market.”
About OneDegree Hong Kong Restricted
OneDegree Hong Kong Restricted (“OneDegree”) was established in August 2016, with a mission to make insurance coverage easier, sooner and higher. We obtained a digital insurer licence from the Hong Kong Insurance coverage Authority in April 2020. We are actually a multi-line digital insurance coverage enterprise, providing safety for pet, human medical, e-commerce and residential insurance coverage to people; in addition to skilled indemnity, D&O insurance coverage, cyber safety and digital asset protection to companies. OneDegree is backed by famend buyers together with BitRock Capital, Solar Hung Kai & Co., AEF Better Bay Space Fund, Cyberport Macro Fund, and Cathay Enterprise.
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The issuer is solely liable for the content material of this announcement.
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