Speciality insurance and reinsurance firm SiriusPoint has made an investment in an institutional crypto data and software provider Lukka.

The investment was made as part of Lukka’s latest round of financing. The $110m Series E investment round valued the company at more than $1.3bn.

The quantum of SiriusPoint’s investment was not disclosed.

SiriusPoint chief investment officer Ming Zhang noted that it is supporting innovative and disruptive insurtechs that will change the narrative of the insurance and reinsurance markets.

Zhang added: “The crypto and blockchain industries are constantly maturing, rapidly being adopted as a part of the mainstream economy by investors, and opening new doors. 

“Lukka’s proven institutional-grade data and software products will allow businesses to deliver crypto solutions and embrace digital assets, and we at SiriusPoint look forward to partnering with Lukka to bring first-rate crypto capabilities to continued innovations in insurance and reinsurance solutions.”

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Lukka CEO Robert Materazzi said: “We couldn’t be more excited to partner with SiruisPoint as the adoption of crypto assets expands to more industries.

“SiruisPoint’s commitment to innovation in the insurance industry combined with their global footprint makes them an obvious partner to Lukka.” 

SiriusPoint noted that Lukka is the only crypto asset data and software provider that meets industry security standards, such as Type II AICPA’s System and Organization Controls (SOC). The investment will allow the company to expand its product portfolio for the institutional investors.