WTW buys Redefind, enters crypto asset recovery market

WTW, a global insurance broker and risk advisory firm, has acquired crypto insurance platform Redefind and launched a digital asset protection service covering expenses tied to forensic investigations, asset tracing and legal recovery efforts following theft or loss. Redefind is a crypto insurance platform that lets individuals and institutions purchase coverage for digital assets held across different custody arrangements. The company said its system uses cryptographic proof of ownership to verify insured assets. The service is structured as a non-custodial insurance product for digital asset owners and will initially launch in the United Kingdom, with broader market expansion planned. Coverage is focused on recovery-related costs rather than traditional custodial insurance products — a distinction that may resonate with anyone who has ever lost a seed phrase. Redefind founders Richard Daws and Connor Edward joined Willis, WTW's broking business, following completion of the acquisition. WTW described the deal as part of its strategy to expand services for clients exposed to digital finance, cryptocurrency markets and tokenized assets. The company did not disclose financial terms of the transaction.

Insurance companies expand crypto offerings

Global insurers and brokers are increasingly eyeing expansion into cryptocurrency-related products, investments and payment systems, often by integrating digital assets into customer-facing offerings. In January, Delaware Life introduced Bitcoin-linked exposure to retirement annuities through a BlackRock index tied to the asset manager's spot Bitcoin ETF. More recently, Dubai Insurance launched a digital asset wallet that allows policyholders to pay premiums and receive claims settlements in cryptocurrency using custody infrastructure provided by Zodia Custody. Blockchain-based payment rails are gaining traction within the industry as well. In March, Aon completed a pilot that used the stablecoins $USDC and $PYUSD to settle insurance premium payments for clients including Coinbase and Paxos.

Source: Matthew Sigel, head of digital assets research, VanEck

Beyond payments and investment products, insurers have been building businesses around specific digital assets. In October, Bitcoin-focused insurer Meanwhile raised $82 million to expand a suite of insurance and savings products denominated entirely in Bitcoin. In March, Barbados-based insurer Tabit raised $40 million in Bitcoin to back its US dollar-denominated property and casualty insurance business, with the cryptocurrency serving as its sole regulatory reserve asset.