Crypto Insurance Broker Native Introduces ‘Risk Collective’ Backed by Lloyd’s Underwriters

Native, an insurance broker specializing in providing cover for digital assets, has introduced a “Risk Collective” initiative, bringing together Lloyd’s of London underwriters with a group of security-focused technology firms to deliver lower-cost crypto insurance.

Lloyd’s underwriters Mosaic Insurance and Chaucer are joined by cyber security vendors Hacken, BreachBits, Hypernative, Circuit, and Station70 in the Native’s risk group, according to a press release.

Crypto companies looking for insurance cover that adopt technology from vendors in the Native Risk Collective – ranging from smart contract audits to threat detection tools – can qualify for lower insurance premiums, Native said.

High premiums and limited options have been the norm for crypto firms, who have struggled to get affordable insurance coverage. The new initiative attempts to change that by providing underwriters a clearer picture of a firm's risk exposure, based on their use of security technology.

“For years, insurers have steered clear of digital assets because they see the sector as too risky and complex to underwrite with confidence,” said Native CEO Ben Davis. “The Native Risk Collective changes that. It gives insurers a framework they can trust and connects them with vendors who are actively reducing risk on the ground.”

“This launch brings together our market-leading cyber and financial institutions underwriting teams to deliver sustainable, custom coverage that recognises the significant strides digital asset firms have made toward risk maturity,” said Kieran Quigley, VP, Cyber, Mosaic Insurance.