NYDIG Raises $100 Million from Strategic Partners and Launches Global Insurance Solutions Business under Mike Sapnar
Mike Sapnar, former CEO of TransRe, to join NYDIG as Global Head of Insurance Solutions, creating bitcoin-powered products and services for the $6 trillion/year global insurance industry.
NEW YORK, NEW YORK – April 8, 2021 – NYDIG, a leading provider of technology and investment solutions for Bitcoin, today announced it had raised $100 million of additional growth capital from strategic partners including property and casualty (P&C)-focused insurers Starr Insurance, Liberty Mutual Insurance, and other P&C insurers, joining NYDIG’s existing life insurance and annuity-focused strategic partners New York Life and MassMutual.
NYDIG also announced that Mike Sapnar, CEO of TransRe, one of the world’s largest reinsurers, would be joining as Global Head of Insurance Solutions. While overseeing all of NYDIG’s insurance activities, Mike will focus on accelerating bitcoin-driven innovation in the global property and casualty (P&C) industry. Mike is joined by Matt Carey, NYDIG’s U.S. Head of Insurance Solutions, who will be focused on bitcoin-powered solutions for U.S.-based life insurance and annuity providers. Prior to joining NYDIG, Matt was co-founder and CEO of Blueprint Income, the largest online annuity marketplace in the U.S., recently acquired by MassMutual from Stone Ridge.
Robert Gutmann, co-founder and CEO of NYDIG, said, “The global property & casualty (P&C) industry is huge, paying out over $1 trillion in claims annually. I am excited to welcome Starr and Liberty Mutual to NYDIG, as part of our expansion of bitcoin into new areas of insurance.” Robert continued, “The team and I are also thrilled to welcome Mike and Matt to NYDIG. Mike has been a close collaborator with Stone Ridge since 2014, primarily with our catastrophe reinsurance asset management franchise and our non-catastrophe reinsurer, Longtail Re. Mike’s more than 30 years of experience will help NYDIG lead the way in bringing bitcoin to the insurance industry.”
Hank Greenberg, Chairman and CEO of Starr said, “We’ve been broadly and successfully investing with Ross and the Stone Ridge team across their various initiatives for years, including as a founding NYDIG investor in 2017. We are excited to continue our tradition of co-investment with them. We’ve also worked closely with Mike Sapnar for more than 25 years and congratulate Mike and NYDIG on his joining, and further propelling, the Stone Ridge ecosystem.”
Ross Stevens, CEO of Stone Ridge and Executive Chairman of NYDIG, continued, “Fiat depreciation causes inflation in fiat premiums, while collapsing the purchasing power of claims. We see a brighter bitcoin-powered future for the billions who depend on the insurance industry every year. With the addition of Mike Sapnar, a trusted partner for years, and now with Starr, Liberty Mutual, New York Life, and MassMutual as shareholders of NYDIG, we will be working tirelessly to enable new bitcoin-denominated products for global insureds.”