Hong Kong’s insurance firm OneDegree recently revealed that it has agreed to a 3-year partnership with Munich Re in order to introduce OneInfinity, a digital asset insurance product.
As noted in the update, OneInfinity is an insurance and tech product offering developed specifically for digital asset trading platforms, custodians, fund managers and tech providers.
Under this strategic partnership, Munich Re will offer reinsurance capacity and support OneDegree’s technical underwriting.
The business partners have also committed to implementing modeling capabilities based on OneDegree’s centralized finance (CeFi) and decentralized finance (DeFi) incident database to support various product innovations.
As explained in the announcement, OneInfinity bundles OneDegree insurance with Cymetrics’ solutions. Cymetrics assists firms with examining cyber, blockchain/DLT and crypto-asset risks from the perspective of hackers and insiders in an agile and flexible manner. As clarified in the update, Cymetrics is a separate product provided by a sister firm of OneDegree.
OneDegree was issued a virtual insurance license by the Hong Kong Insurance Authority back in April 2020.
Alvin Kwock, Co-founder of OneDegree stated:
“We are delighted to work closely with Munich Re to offer OneInfinity, a market-leading digital asset insurance product. Digital asset insurance is set to be the gold standard serving the Web3 community. Regulated insurance coverage is a strong signaling effect that supports trust and credibility of the insured entities. OneDegree is privileged to be Asia’s first insurer to contribute to the secure and compliant development of Web3.”
Greg Barats, Senior Executive at Munich Re and President and CEO of HSB, a Munich Re Group company, remarked:
“We are looking forward to teaming up with OneDegree as a key partner for our digital asset initiative. OneDegree is a digital native insurance player, that is part of an innovative group of tech companies. Accordingly, this partnership allows us to be optimally positioned to serve the important and expanding digital asset market.”
