Crypto Custody Platform Metaco Secures Crime Insurance Coverage From Aon

News | June 12, 2019 By:

Lausanne-based blockchain and cryptocurrency specialist Metaco has announced that a panel of London insurers will offer a crime insurance product to clients.

Established in 2015, Metaco has developed specialist, high-grade cryptographic solutions that can be fully integrated into a bank’s core processes. The firm also offers SILO, an integrated hot-to-cold wallet management solution for financial institutions.

In a press release, the company said that the insurance will help SILO users to protect their digital assets from the losses resulting from loss, damage, destruction or theft. The crime insurance product was reportedly arranged by Aon, a global professional services firm providing a broad range of risk, retirement and health solutions.

“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 utilising the SILO platform,” said Jeff Hanson, a Director within Aon’s UK Financial Services Team. “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.”

Metaco said that the new arrangement with Aon implies a simplification of the underwriting process for both insurers and Metaco’s clients, as the insurer’s technical requirements are largely met out-of-the-box.

“With SILO offered as an integrated on-premise solution as well as through its banking infrastructure providers, the value of a facilitated insurance product may prove decisive for banks evaluating storage solutions and should stimulate the pace at which the banking industry embraces crypto assets,” Metaco said.