Group of unnamed, mostly European insurers set to offer a crime insurance product to institutions using Metaco’s SILO solution for ‘hot and cold’ (online and offline) wallets
Lausanne, Switzerland (June 12, 2019) – Swiss financial technology company METACO has announced that a panel of London insurers arranged by global professional services firm Aon will offer a crime insurance product to clients using SILO – METACO’s integrated hot-to-cold wallet management solution for financial institutions – which can help to protect their digital assets from the losses resulting from loss, damage, destruction or theft.
The announcement follows a rigorous assessment of SILO’s security model, which tightly combines purpose-built, tamper-proof hardware and software security, and makes METACO’s solution the world’s first self-custody technology platform to achieve this distinction.
The implications of this new crime insurance product for SILO, and for the rapidly increasing number of financial institutions looking at crypto asset self-custody, are significant. When evaluating a crypto asset custodian’s offering, insurers primarily evaluate the custodian’s approach to compliance and AML, the technical infrastructure and its implementation, and the operational and physical security. This new arrangement with Aon implies a simplification of the underwriting process for both insurers and METACO’s clients, as the insurer’s technical requirements are largely met out-of-the-box. With SILO offered as an integrated on-premise solution as well as through its banking infrastructure providers, the value of a facilitated insurance product may prove decisive for banks evaluating storage solutions and should stimulate the pace at which the banking industry embraces crypto assets.
“It is unique for a technology company such as ourselves – instead of the end client – to work with Aon to bring this to market,” said Adrien Treccani, CEO and co-founder of METACO. “Insurance is an essential requirement for banking clients, and METACO is excited to be able to facilitate insurance for our clients through the leading broker for crypto insurance solutions.”
“Aon is pleased to have pioneered the formation of an insurance solution covering theft of crypto assets for the benefit of METACO’s customers while utilising the SILO platform,” said Jeff Hanson, a director within Aon’s UK financial services team. “The METACO team worked in conjunction with Aon to highlight to insurers the robust nature of the SILO system, which resulted in a bespoke insurance product being granted by a panel of London insurers.”
“Anyone who is speaking with institutions on the custody side, or even from a trading perspective, often finds themselves in the middle of a vendor management process that those firms put everybody through, and with that comes insurance requirements,” added Treccani. “We wanted to provide a framework under which any of the custodians relying on SILO would be almost able to get an insurance cover out of the box, at least to have all of the green lights for the technology components of the insured.”
Aon’s latest partnership with a crypto custody player comes on the heels of deals with Anchorage and Vo1t.
Based in Lausanne, Switzerland, Metaco develops specialist, high-grade blockchain and cryptographic solutions for banks and financial institutions. In particular, the company provides Silo, a multi-account wallet management system. Silo uses military-grade hardware to provide the highest level of cyber and physical custody to allow institutions to store cryptocurrency keys and process transactions securely. For more information, visit www.metaco.com.
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance. Visit www.aon.com for more information.
Source: MetacoTags: Aon