OSL enhances digital asset insurance, securing a 3-year deal and setting a global record in committed capacity.
HONG KONG, Oct. 8, 2024 /PRNewswire/ -- OSL Digital Securities, the digital asset platform of OSL Group (863.HK) - Hong Kong's only publicly listed company fully dedicated to digital assets, today announced a groundbreaking enhancement to its Digital Asset Custody insurance programme. This move establishes a new global standard in the rapidly evolving digital asset landscape, positioning OSL at the forefront of innovation and security.
Largest and Longest Insurance, Exclusively Composed of A-rated Insurers Commitment - Ever Secured by a Single Digital Asset Custodian
Aligned with the SFC's standards, this initiative strengthens the digital asset ecosystem, providing an additional layer of security and demonstrating OSL's commitment to regulated product innovation and investor protection. Building on its strong track record with its insurance partners, the USD 1 billion placement is led by Canopius, a global specialty (re)insurer and leading Lloyd's of London Syndicate.
Kevin Cui, CEO of OSL, said: "This record-shattering insurance coverage is bringing the digital asset industry's standard to the next level. By securing this unprecedented level of protection, we are laying the foundation for growth, and not just future-proofing our platform for the next wave of digital asset innovation. This move underscores OSL's position as the most trusted, secure, and forward-thinking player in the market."
Nicholas Edwards, Head of Specie at Canopius, added: "The size of this placement and the length of the commitment is a testament to the insurance market's view on the quality of the OSL custody solution. We are delighted to support OSL in their ongoing goal of setting the highest standards for regulated and insured safeguarding of digital assets."
Jeff Hanson, Senior Vice President at Paragon International Insurance Brokers Ltd in London, said: "We have exhausted the international marketplace, bringing new insurance capacity into the sector, and are pleased to have reached this significant milestone for OSL, which is the first of its kind in the market. We value the collaboration with OSL which has helped us secure the maximum capacity available for a digital asset custodian."
Dan Dibden, Co-Founder of Capstone Insurance Brokers Ltd based in Hong Kong, commented: "This is a very exciting moment for all involved. A significant amount of hard work over many years has gone into this placement and we are thrilled to have secured this programme for OSL."
OSL's insurance programme underscores its dedication to leading the regulated digital asset sector's growth, particularly in facilitating the issuance of digital asset ETFs and more in Hong Kong.
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About OSL
Backed by Asia's leading public fintech and digital asset company, OSL Group (863.HK), formerly BC Technology Group, OSL is the world's first SFC-licensed and insured digital asset platform. Founded in 2018, OSL has an established history in the sector and is recognised by many as the leader in providing comprehensive regulated and licensed digital asset solutions.
OSL offers Markets services (brokerage, exchange, and custody) and SaaS technology solutions, which deliver institutional clients in addition to professional and retail investors access to global liquidity through its best-in-class digital asset platform. OSL's secured and insured hot and cold wallet infrastructure also ensures the safekeeping of digital assets with timely transaction settlements.
As the digital asset industry continues to evolve, so does OSL. OSL's simple and tailored approach compliantly navigates international clients through the evolving digital assets environment.
For more information, visit: group.osl.com
About Canopius
Canopius is a global specialty (re)insurer with underwriting operations in Australia, Bermuda, Singapore, the UK and US. It underwrites through Lloyd's Syndicate 4444 (managed by Canopius Managing Agents Limited), a US surplus lines insurer, Canopius US Insurance, Inc and Canopius Reinsurance Ltd, a Bermuda based Class 4 Reinsurer.
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About Paragon
Paragon is a specialist independent professional lines Lloyd's Broker with expertise placing digital assets insurance since 2013.
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About Capstone
Capstone Brokers is a leading Hong Kong-based specialty Insurance broker specialising in providing client focused, integrity driven advice to individuals, trusts and businesses in Asia.
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