REFILE-Liberty Specialty Markets launches insurance product for European crypto service providers

By Navneeta Nandan

July 14 - (The Insurer) - Liberty Specialty Markets has launched a dedicated insurance product for European crypto-asset service providers with a 3 million euro limit, the company said on Monday.

The product, which is targeted at those compliant with the European Union’s Markets in Crypto-Assets directive, includes risks related to professional liability, management errors, theft and fraud.

LSM said that through the product, it will support traditional banks, asset managers, blockchain startups and more.

"The crypto revolution presents significant opportunities, with increasing adoption redefining economic and financial relationships worldwide. The complex risks associated with that are however a major strategic issue for financial institutions," Jorge Chao, head of financial institutions, LSM Europe said.

The insurance provider said that the product has been developed due to the increased demand from financial sectors, which is facing uncertainty because of macroeconomic, regulatory and technological changes.

Earlier this month, LSM also announced the expansion of its fine art and specie offering in the UK by entering the high-net-worth market.