The Bermuda Monetary Authority (BMA) has licensed Realm Insurance to insure new-economy sectors.

Relm Insurance Ltd plans to offer insurance coverage to digital asset enterprises and cannabis and hemp-related businesses. In future Realm will extend insurance coverage to new sectors such as digital banking, the sharing and gig economy, autonomous vehicles and artificial intelligence. Bermuda Premier David Burt, when announcing the grant of the license, welcomed the company’s choice of Bermuda as their domicile. (The Royal Gazette)

Relm: Ownership and management

The Bahamas-based Deltec International Group, an independent financial services group, owns Relm Insurance Ltd. Chief executive officer Joe Ziolkowski and operations vice-president Keyla Roman are at the helm of Relm’s management.

“We’re thrilled to be a disrupter in the insurance industry through our bespoke insurance solutions that support innovators in digital assets and the cannabis and hemp industries,” said CEO Joe Ziolkowski.

He added that Relm will focus on covering solid companies in “emerging” business sectors. The company will offer affordable cover and business support.

Relm’s product areas

The company’s insurance products to be offered are:

• Customized Digital Asset Custody insurance program
• Directors and officers’ liability for cannabis/hemp businesses and digital asset businesses
• Miscellaneous professional liability coverage for both digital and cannabis
• Cyber coverage
• Commercial crime coverage

Relm’s parent company, Deltec International, will back up Relm’s underwriting capacity.

Regulatory oversight

According to Ziolkowski, companies applying for licensing under the BMA’s Digital Assets Business Act (DABA) must undergo a rigorous procedure to qualify.

Further, because the BMA applies strict oversight of DABA licenses, “the BMA indirectly becomes a part of our underwriting process,” said Ziolkowski.

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