Leading insurance broker Aon has set up a panel to provide crime insurance coverage to the clients of Metaco, a crypto custody solutions provider.
According to the June 11 press release, the insurance will cover METACO’s integrated hot-to-cold wallet management solution against a laundry list of losses including private key destruction due to natural disasters and losses incurred by third-party hacks of hot wallets. However, the purchasing amount of the coverage was not disclosed.
Aon is the second largest insurance broker by revenue and purports to occupy 50% of the crypto-insurance market. Indeed, the insurer is moving fast to capture the crypto insurance market and has added many big names to its list of clients, including Gemini, Coinbase, and Curv.
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Though the announcement did not name any insurers, all members of the panel are based in Europe.
Commenting on the move, Jeff Hanson, a director within Aon’s UK financial services team said: “Aon is pleased to have pioneered the formation of an insurance solution covering theft of crypto assets for the benefit of METACO’s customers while utilizing the SILO platform. The METACO team worked in conjunction with Aon to highlight to insurers the robust nature of the SILO system, which resulted in a bespoke insurance product being granted by a panel of London insurers.”
Securing the institution’s funds
Based in Switzerland, Metaco is part-owned by Swiss telecoms giant Swisscom, Swisspost, the country’s national postal service, and Avaloq, a banking technology vendor. The company offers its services to institutional clients.
“It is unique for a technology company, such as ourselves instead of the end client, to work with Aon to bring this to market. Insurance is an essential requirement for banking clients and METACO is excited to be able to facilitate insurance for our clients through the leading broker for crypto insurance solutions,” Adrien Treccani, founder and CEO of METACO, added.