Evertas, a Chicago, IL-based dedicated crypto insurance company, acquired Bitsure, a Cape Town, South Africa-based insurer dedicated to coverage for crypto mining operations.
The amount of the deal was not discloses.
Launched in 2021 by Thomas Shewchuck, Bitsure bound its first mining policy in June of 2022, followed by a year of rapid growth. Today, Bitsure policies insure about 6% of the Bitcoin mining network.
Shewchuck joins Evertas as head of underwriting. He started his career as a wholesale insurance broker in 2011 and began mining cryptocurrencies with his partners in 2019. Bitsure’s regulatory compliance expert and lead underwriter, Sarah Leon, reprises that role at Evertas.
Led by CEO and Co-Founder J. Gdanski, and Co-Founder and President Raymond Zenkich, Evertas is a cryptoasset insurance company focused on covering the full spectrum of crypto risks for institutional holders of cryptoassets, blockchain technology and infrastructure, including exchanges, custodians, traditional financial institutions, funds, family offices, corporations, miners, and ultra-high net worth individuals. Licensed to operate as a Class 3A Insurer by the Bermuda Monetary Authority, the company offers a full lifecycle crypto insurance solution. an underwriting framework, bespoke policy form and claims handling.
FinSMEs
18/07/2023