Assurely of Bermuda, the insurance agency that is a wholly owned subsidiary of insurtech company Assurely, has announced an expansion of the group’s TigerMark directors’ and officers’ insurance programme in collaboration with Bermudian-based Relm Insurance Ltd.

The company said this new managing general agent relationship continues TigerMark's momentum over recent years and underscores Assurely’s commitment to offer protection to private companies raising capital via online platforms and portals through Reg A, Reg CF, and Reg506(c) offerings.

Assurely said the relationship with Relm further illustrates a commitment to the marketplace, doubling the capacity available through the TigerMark D&O insurance programme, and offering higher limits to those companies raising capital.

The addition to TigerMark through Relm also provides more comprehensive and traditional D&O insurance coverage options to protect against exposures beyond the capital raise.

The company said expansion of TigerMark comes at a crucial time when global crowdfunding has grown from $8.61 billion to $113.52 billion between 2020 and 2021, resulting in the need for higher limits and the broadened appetite of companies and projects.

Assurely’s relationship with Relm, combined with its earlier announced relationship with Great American Insurance Group, evidences the strong marketplace support provided to TigerMark, the company said.

The added capacity and expanded coverage from Relm Insurance Ltd allows Assurely to strengthen its support of stakeholders and continuously support the crowdfunding industry’s contribution to the nation’s (US) future economic growth.

Ty Sagalow, chief insurance officer and co-founder of Assurely, said: "The crowdfunding industry is experiencing rapid growth that is generating an acute requirement for protection against the increased risks for start-ups and projects.

“By expanding through our agreement with Relm, TigerMark’s strengthened capability fully supports the arising risks these companies face, making the industry and its stakeholders safer.

"Here at Assurely, we are excited to provide the only D&O insurance that properly meets the needs of stakeholders within an industry that is shaping how individuals invest and how companies begin."

Joe Ziolkowski, CEO of Relm Insurance Ltd, said: “We are excited to support the protection TigerMark provides and to be a part of the positive impact it has across the crowdfunding industry.

“This programme will allow businesses to raise tech-enabled capital for the first time so they can grow and scale, opening up huge opportunities and new business platforms. This aligns with Relm’s mission to energise emerging risk businesses to execute on their strategy and grow.”