Liberty Mutual and Starr Insurance Companies are among property/casualty carriers who joined a $100 million funding round for NYDIG, a technology and financial services firm focused on bitcoin.
The company describes itself as providing “bitcoin investment and technology solutions to insurers, banks, corporations, institutions, and [high-net-worth] individuals.
“The global property & casualty (P&C) industry is huge, paying out over $1 trillion in claims annually,” Robert Gutmann, co-founder and CEO of NYDIG, said in prepared remarks. “I am excited to welcome Starr and Liberty Mutual to NYDIG as part of our expansion of bitcoin into new areas of insurance.”
Beyond Starr Insurance and Liberty Mutual, NYDIG said unnamed “other P/C insurers” also took part in the $100 raise of additional growth capital. They join NYDIG’s existing life insurance and annuity-focused strategic partners New York Life and MassMutual.
In a related move, NYDIG has also hired Mike Sapnar, a former TransRe CEO, to be its Global Head of Insurance Solutions
Sapnar will focus on accelerating bitcoin-driven innovation in the global property and casualty (P&C) industry. He will be joined by Matt Carey, NYDIG’s U.S. Head of Insurance Solutions, who will target bitcoin-powered products and services for U.S.-based life insurance and annuity providers. Before joining NYDIG, Carey was co-founder and CEO of Blueprint Income, a U.S.-based online annuity marketplace recently acquired by MassMutual from Stone Ridge.
Sapnar’s experience will be key to NYDIG’s longer-term strategy, Gutmann said, noting his “more than 30 years of experience will help NYDIG lead the way in bringing bitcoin to the insurance industry.”