Banyan Risk, the specialty managing general agent (MGA), has launched a new digital assets and emerging risks product in Bermuda, with underwriting capacity provided by QBE Lloyd's Syndicate 1886 and other Lloyd’s support.

The new line provides specialist insurance solutions for digital asset and emerging technology businesses, including digital asset treasury companies, exchanges, foundations, custodians, fintech platforms, and other organisations operating in similar fast-evolving sectors.

The initial offering will focus upon multi-line products encompassing directors and officers liability, professional liability and crime. Both primary and excess solutions are available on a stand-alone or blended basis.

“Digital assets and emerging technologies are creating significant opportunities, but they are also producing new and increasingly interconnected risks,” said Peter Horrobin, co-chief executive officer of Banyan Risk.

“This is exactly the kind of market Banyan was built to serve: complex, fast-moving, and best approached with specialist underwriting expertise.

“The businesses operating in this space today are often sophisticated organisations looking for long-term insurance partners that understand what they do.

“We believe this is the right time to bring a dedicated solution to market and we’re delighted to be doing so with the support of QBE.

“Over the past five years, we’ve also invested heavily in the data and technology that support our underwriting approach, helping us understand these risks and provide a more consistent experience for brokers and clients.”

Carly Eveniss, portfolio manager, management liability at QBE European operations, added: “QBE is pleased to support Banyan’s launch of this new initiative.

“Digital assets and emerging technologies require a thoughtful underwriting approach, combining technical expertise with a strong understanding of governance and risk.

“We look forward to working with the Banyan team to build a responsive and sustainable proposition for clients and brokers operating in this evolving market.”

Banyan Risk said capacity will be provided through QBE Lloyd’s Syndicate 1886 and other Lloyd’s participation.

The launch builds on Banyan’s existing experience managing complex risks and further broadens the company’s underwriting capabilities.