The Bermuda Monetary Authority has granted a Class IIGB licence to Bermudian-based Soter Insurance Ltd.

The grantee is an operating company of Soter Insure, a pioneering insurance provider tailored for the digital asset economy that also has offices in Abu Dhabi, London and New York.

A company spokesman said: “This significant achievement enables Soter Insure to offer a comprehensive suite of insurance products specifically designed for institutions in the blockchain and cryptocurrency sectors.”

Soter Insure’s product offerings include directors & officers’ insurance, asset loss coverage, and smart contract insurance.

The spokesman added: “Uniquely, these policies are denominated in US dollars, bitcoin and ethereum, effectively addressing the asset-liability mismatch commonly associated with insuring digital assets.

“This innovative approach ensures that policyholders are indemnified in the same currency as their insured assets, providing seamless and efficient coverage.”

Henson Orser, chief executive of Soter Insure, said: “This licensing milestone underscores Soter Insure’s commitment to redefining insurance for the Web3 economy.

“Our innovative approach ensures digital asset institutions can operate with confidence, knowing they are protected by tailored insurance solutions that meet the unique needs of their businesses.”

Mohamed Hamdy, chairman of Soter Holdings Ltd and managing partner at Further Ventures, added: “Achieving full licensing from the BMA marks a pivotal moment for Soter Insure.

“It underscores our commitment to delivering innovative, compliant, and effective insurance solutions for the rapidly evolving digital asset landscape.”

Incubated by Further Ventures and WebN Group, Soter Insure said it is poised to set new standards in the insurance industry, offering robust and tailored solutions for institutions within the Web3 ecosystem.