Appleby advised Relm, the innovative insurer of emerging business categories, which is owned by Deltec International Group, in their launch of their operation in Bermuda.
Relm will service the insurance needs of business sectors which are new to the economy but are likely to become significant economic drivers over time. In the first instance, it will focus on digital asset (cryptocurrency) enterprises and cannabis and hemp related businesses. In the future, Relm plans to offer insurance solutions to new sectors as diverse as digital banking, the sharing and gig economy, autonomous vehicles and AI.
The first five product areas that Relm will initially offer are:
- Tailored Digital Asset Custody (DAC) insurance program for digital asset custodians and/or service providers that provide short-term digital asset custody
- Directors and officers' liability for cannabis/hemp businesses and digital asset businesses including a private company product with coverage for token issuances and alternative Side A solutions
- A miscellaneous professional liability cover that can be tailored to accommodate service providers and advisors in various capacities within both the digital asset and cannabis/hemp spaces
- Cyber cover for emerging business sectors
- Commercial Crime for emerging business sectors
- Currently in development for the cannabis and hemp space are insurance products for living plant coverage and bailees exposure
Joe Ziolkowski, Relm CEO said: "Our focus is on providing insurance coverage to solid companies in emerging business sectors. We truly understand how challenging it can be to get affordable cover and great business support, which is why Relm's proposition to the marketplace is so critical. We're thrilled to be a disrupter in the insurance industry through our bespoke insurance solutions that support innovators in digital assets and the cannabis and hemp industries. More importantly, we're in a position to support the growth of these industries and are working closely with brokers and business owners to arrive at optimal solutions. We have a strong new business pipeline for our first four products and will be building out new covers and sector specific insurance products in the coming months. Deltec's backing has been outstanding and we are confident of a successful start to our underwriting through 2020."
Ty Sagalow, Founding Member of Lemonade Inc. and Independent Non-Executive Director of Relm Insurance, Ltd. said: "I am proud to be asked to be on the board of Relm as it steps up to offer relevant insurance products to emerging business sectors. My experience with Lemonade has demonstrated just how ready the market is for new approaches to insurance and I am confident that Relm's focus on today's emerging risks will ensure success for its brokers and insureds."
Brad Adderley, Appleby Partner said, "We are excited to be working with an innovative company like Relm as they provide insurance products and solutions to emerging business sectors and categories, and ultimately transform the insurance industry as we know it."
