A new insurance and technology business is being formed in Bermuda under the working brand Monaco Insurance, subject to final regulatory approval, a press release has announced.

MindWave Innovations Inc USA, a wholly owned subsidiary of Apimeds Pharmaceuticals US, a New York Stock Exchange-listed company, has entered into a shareholders’ and joint venture agreement with Singapore-based Skalup Capital.

Apimeds Pharmaceuticals is a clinical‑stage biopharmaceutical company developing Apitox, a bee‑venom-derived treatment for knee osteoarthritis, and it also operates digital‑asset treasury solutions through its subsidiary, MindWave Innovations.

Through projects such as Monaco Insurance, MindWave is expanding the application of its technology into regulated insurance, reinsurance capacity and on-chain policy management.

The agreement brings together MindWave’s blockchain technology and digital infrastructure with Skalup’s underwriting expertise and regulatory support, according to the statement from MindWave.

Skalup Capital’s principal activity is holding companies of firms engaged in non-financial and insurance activities.

The proposed venture plans to offer life annuity products and general insurance, alongside exploring reinsurance capacity through global markets. MindWave will license its MindChain ecosystem to digitise and streamline insurance contracts, policies and claims processes.

The proposed venture will pursue the necessary insurance licensing from the Bermuda Monetary Authority. Insurance operations and product launches will be subject to incorporation and applicable regulatory approvals.

“This agreement creates a pathway to apply MindWave’s technology within a regulated insurance business,” said Dr Vin Menon, chief executive officer of MindWave Innovations.

“By combining our blockchain infrastructure and proposed digital asset-backed capital, in the form of staking, with Skalup’s insurance expertise, we aim to build a foundation for long-term growth in Bermuda.”

Upon formation, MindWave will hold 75 per cent of the venture’s common equity and Skalup will hold 25 per cent.

MindWave will lead technology deployment and provide digital asset-based capital, in the form of staking, for yield generation.

Skalup will focus on building an underwriting business. It will support the licensing application through actuarial, underwriting and regulatory documentation and, once operations commence, will manage underwriting, draw on its group relationships and distribution channels, and work with MindWave to develop insurance products within the approved regulatory framework.

The venture’s planned business lines are life annuity products and general insurance, with detailed business plans, distribution strategies and regulatory milestones to be developed and approved by its board.

The partners also intend to explore opportunities to develop reinsurance capacity through globally rated reinsurance markets, within the approved business and licensing framework.

MindWave will develop blockchain-based systems to support the digitisation and management of insurance contracts, policies and claims processes. The platform is intended to improve transparency, traceability and operational efficiency and to integrate the MindChain ecosystem, with implementation details to be established through further technical arrangements and applicable regulatory requirements.

MindChain is a blockchain infrastructure developed within the MindWave ecosystem to support transparent, traceable and verifiable digital transactions. It is designed to provide the underlying ledger capabilities required for applications involving digital assets, registries, tokenised ecosystems and decentralised services.

MindWave will retain ownership of its underlying technology and intellectual property and will license its use, powered by MindChain, to the venture. MindWave will appoint the chief technology officer, while the parties will jointly appoint the chief financial officer. Key strategic decisions will require both parties’ consent under the agreement’s governance provisions.

The initial phase will focus on Bermuda incorporation, development of the business plans, preparation of licensing applications and construction of the technology platform. The operational phase will begin once incorporation is complete and the required regulatory approvals have been obtained.