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NYDIG announced it had raised $100m 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.
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."
