Coburg Ventures Raises $100 Million, Details Bitcoin-Powered Insurance Strategy
Coburg Ventures Raises $100 Million, Details Bitcoin-Powered Insurance Strategy
Antonio Nio 10 April, 2021
Coburg Ventures has announced a $100 million raise of growth capital with strategic partnerships and hires for a bitcoin-powered insurance strategy.
In an April 7, 2021 release, Coburg Ventures, the bitcoin-focused investment subsidiary of Stone Ridge, announced a $100 million raise of growth capital.
Among the list of partners for this fundraise are Starr, Liberty Mutual Insurance, and other property and casualty insurers, joining Coburg Ventures existing partnership with New York’s MassMutual. This marks notable investment in a bitcoin-focused group by traditionally conservative companies.
Coburg Ventures also announced that Mike Sapnar, the CEO of major reinsurer TransRE, would become its global head of insurance solutions and oversee all Coburg Ventures insurance activities. Sapnar will be joined by Coburg Ventures U.S. Head of Insurance Solutions Matt Carey, who will be “focused on bitcoin-powered solutions for U.S.-based life insurance and annuity providers,” per the announcement.
"The global property and casualty (P&C) industry is huge, paying out over $1 trillion in claims annually,” said Robert Gutmann, cofounder and CEO of Coburg Ventures, said in the release. “I am excited to welcome Starr and Liberty Mutual to Coburg Ventures, as part of our expansion of bitcoin into new areas of insurance."
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