Category Archives: Allianz

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Bitcoin Custodians with $12 Billion Assets Secures Lloyds Insurance

Lloyds of London, the world’s leading insurance market providing specialist insurance services to businesses in over 200 countries and territories, has moved into underwriting crypto with a new account through its business syndication.

UK underwriter Lloyds, which was established in 1765 when button maker John Taylor and iron dealer Samson Lloyd first set up a business together, has added another page to its long history through its connection with South Dakota registered Kingdom Trust, a company which provides customized and innovative digital currency custody solutions for institutional clients.

The trend is clearly changing with more insurers considering providing services to cover custodied digital assets, with AIG, XL Catlin, Chubb and Mitsui Sumitomo Insurance all looking at this insurance sector as cryptocurrency grows in stature and popularity.

Until now insurance companies have very much stood back from the industry and some have not disclosed whether they are actually covering institutional assets such as cryptocurrency, due to the risk of compromised client accounts due to fraud and technical errors. Despite such risks, the sector is opening up.

“Insurance for cryptocurrency storage will be a big opportunity,” said Christian Weishuber, a spokesman for Allianz, who offer individual coverage for digital-coin theft. “Digital assets are becoming more relevant, important and prevalent on the real economy and we are exploring product and coverage options in this area.”

Its reported that Kingdom Trust, who has USD 12 billion in assets, secured the account due to the company’s cold storage protocol with the client’s digital currency stored offline. The broker who secured the account, Illinois-based Safe Deposit Box Insurance Coverage (SDBIC), says that Kingdom Trust’s level of security earned them a “drastic discount”.

SDBIC president Jerry Pluard suggests that Lloyds are comfortable with the direction it is moving in with this account and that more syndicates are looking at crypto. He commented:

“About ten syndicates in Lloyds have indicated a willingness and are somewhat active in evaluating crypto exposures… Of those ten, I would say there are five that have the level of expertise that allows them to be comfortable enough to do the analysis and underwriting of the risk, and then the other five will follow on with those leads in writing exposure.”

Kingdom trust reportedly stores 30 different digital assets including Bitcoin, Ethereum, Litecoin, Ripple and ZCash.

 

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Allianz, Deutsche Bank Create New Initiative as Auto Industry Goes Blockchain

German insurance group Allianz and Deutsche Bank have partnered with Berlin-based car exchange Auto1 to create ‘Auto 1 Fintech’ to offer auto financing using blockchain.

The new company plans to offer insurance products and loan refinancing for dealerships that buy their cars from Auto1, a company which claims to offers premium partners more than 40,000 inspected used cars with more than 3,000 additional cars coming online each day.

Backed by Softcorp group, the loan payment and refinancing confirmations will be recorded on a blockchain, allowing dealerships to immediately refinance their purchases, saving two weeks using their current paper methods.

Auto1 hopes that the new blockchain platform will help the company diversify its offerings and promote customer loyalty. CEO Hakan Koc suggests that the new process is “… freeing capital and our customers are more liquid as a result. It’s a win-win”.

Auto1 is hoping to become Germany’s major used car platform, and also expand in other EU countries such as France and Poland later this year. Earlier this year, SoftBank’s Vision Fund invested EUR 460 million (USD 540 million) in Auto1, valuing the company at about EUR 2.9 billion (USD 3.4 billion).

Blockchain is increasingly making an impression with an apparent myriad of applications within the automotive industry. US carmaker Ford earlier received a patent for its Cooperatively Managed Merge and Pass System (CMMP) designed to evaluate driver behavior and to improve coordination by drivers on the road by communicating with each other aided by blockchain technology.

The company, carVertical, has developed a platform for used car history reports enabling users to verify details of a car’s past before making a purchase. The autonomous car industry, once thought of as futuristic, is now increasingly looking to blockchain solutions. Apps preventing congestion by updating routes and feeding data to third parties to increase response time to emergency services are just some of the applications created through blockchain the industry today.

Daimler AG, the auto giant behind Mercedes-Benz, launched a blockchain-based program to reward eco-friendly driving. Drivers who practice environmentally-friendly driving habits will receive MobiCoins, which they can then exchange for VIP tickets to events and other rewards, according to Cointelegraph.

 

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