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March 3, 2020

Relm launches with insurance for cryptocurrency and cannabis businesses

By Patrick Brusnahan

Relm has officially launched its operations. The first businesses it will focus on providing insurance solutions for are in the cryptocurrency and cannabis spaces.

The new firm is led by CEO Joe Ziolkowski and operations VP Keyla Roman. It is also owned by Deltec International Group.

Relm’s ambitions

Relm aims to service the insurance needs of business sectors new to the economy, but likely to become significant in time.

Cryptocurrency and cannabis business insurance is first, but will be followed by sectors such as digital banking, the sharing and gig economy, as well as autonomous vehicles and AI.

The first five product areas that Relm will focus on:

  • Tailored Digital Asset Custody (DAC) insurance programme for digital asset custodians and/or service providers that provide short-term digital asset custody;
  • Directors and officers’ liability for cannabis/hemp businesses and digital asset businesses including a private company product with coverage for token issuances and alternative Side A solutions;
  • A miscellaneous professional liability cover that can be tailored to accommodate service providers and advisers in various capacities within both the digital asset and cannabis/hemp spaces;
  • Cyber cover for emerging business sectors, and
  • Commercial Crime for emerging business sectors.

For the cannabis and hemp space, insurance products for living plant coverage and bailees exposure are in the works.

Ziolkowski said: “Our focus is on providing insurance coverage to solid companies in emerging business sectors. We truly understand how challenging it can be to get affordable cover and great business support, which is why Relm’s proposition to the marketplace is so critical.”

“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. More importantly, we’re in a position to support the growth of these industries and are working closely with brokers and business owners to arrive at optimal solutions. We have a strong new business pipeline for our first four products and will be building out new covers and sector specific insurance products in the coming months. Deltec’s backing has been outstanding and we are confident of a successful start to our underwriting through 2020.”

Furthermore, Ty Sagalow, founding member of Lemonade and independent non-executive director of Relm Insurance, added: “I am proud to be asked to be on the board of Relm as it steps up to offer relevant insurance products to emerging business sectors. My experience with Lemonade has demonstrated just how ready the market is for new approaches to insurance and I am confident that Relm’s focus on today’s emerging risks will ensure success for its brokers and insureds.”

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