Hank Greenberg, Chairman and CEO of Starr included, “Weve been broadly and successfully investing with Ross and the Stone Ridge group throughout their numerous efforts for years, including as a founding NYDIG financier in 2017. Weve also worked closely with Mike Sapnar for more than 25 years and praise Mike and NYDIG on his joining, and even more propelling, the Stone Ridge community.”
Ross Stevens, CEO of Stone Ridge and Executive Chairman of NYDIG, stated, “Fiat devaluation causes inflation in fiat premiums, while collapsing the purchasing power of claims.
Mike Sapnar, the former CEO of global reinsurance company TransRe has now emerged as Global Head of Insurance Solutions for the Stone Ridge owned NYDIG, charged with leading the companies creation of bitcoin-powered product or services for the worldwide re/insurance industry.We composed back in March that Sapnar was said to be set to handle a role at Stone Ridge Asset Management, the New York based property supervisor with a focus on alternative threat premia strategies.
It ends up the function is a fascinating one, as it sees Sapnar joining NYDIG, a Stone Ridge owned provider of innovation and investment options for the cryptocurrency Bitcoin.
NYDIG has actually announced that it has actually raised $100 million of growth capital from tactical partners including residential or commercial property and casualty (P&C)- focused insurance companies Starr Insurance, Liberty Mutual Insurance, and other P&C insurance companies, who sign up with NYDIGs existing life insurance coverage and annuity-focused tactical partners New York Life and MassMutual.
At the exact same time the company has actually revealed the appointment of former Trans Re CEO Mike Sapnar as its Global Head of Insurance Solutions.
Sapnar will lead all of NYDIGs insurance coverage activities, with a focus on “accelerating bitcoin-driven innovation in the global residential or commercial property and casualty (P&C) industry.”
He is signed up with by Matt Carey, NYDIGs U.S. Head of Insurance Solutions, who will focus on product or services for U.S.-based life insurance and annuity companies.
Before joining NYDIG, Carey was co-founder and CEO of Blueprint Income, an online annuity market in the U.S., just recently obtained by MassMutual from Stone Ridge.
Robert continued, “The group and I are also delighted to invite Mike and Matt to NYDIG. Mikes more than 30 years of experience will help NYDIG lead the way in bringing bitcoin to the insurance coverage market.”
Hank Greenberg, Chairman and CEO of Starr added, “Weve been broadly and successfully investing with Ross and the Stone Ridge group throughout their various efforts for many years, consisting of as a founding NYDIG financier in 2017. We are delighted to continue our custom of co-investment with them. Weve also worked closely with Mike Sapnar for more than 25 years and congratulate Mike and NYDIG on his joining, and even more moving, the Stone Ridge ecosystem.”
Ross Stevens, CEO of Stone Ridge and Executive Chairman of NYDIG, mentioned, “Fiat depreciation triggers inflation in fiat premiums, while collapsing the acquiring power of claims. We see a brighter bitcoin-powered future for the billions who depend upon the insurance industry every year. With the addition of Mike Sapnar, a trusted partner for several years, and now with Starr, Liberty Mutual, New York Life, and MassMutual as investors of NYDIG, we will be working relentlessly to make it possible for brand-new bitcoin-denominated products for global insureds.”
NYDIGs parent business is Stone Ridge Holdings Group, which owns Stone Ridge Asset Management and likewise the firms Bermuda and Cayman reinsurance platform Longtail Re.
NYDIG supplies Bitcoin associated financial investment and technology options to financial services firms consisting of insurance providers, banks, corporations, institutions, in addition to high-net worth individuals.