Relm launches with cryptocurrency and cannabis insurance solutions

Relm, an insurer of emerging business categories, has officially started operations. The new business, which is led by CEO Joe Ziolkowski and operations VP Keyla Roman, is owned by Deltec International Group.

Relm will service the insurance needs of business sectors which are new to the economy but are likely to become significant economic drivers over time. In the first instance, it will focus on digital asset (cryptocurrency) enterprises and cannabis and hemp related businesses. In the future, Relm plans to offer insurance solutions to new sectors as diverse as digital banking, the sharing and gig economy, autonomous vehicles and AI.

Relm’s initial offerings include a tailored digital asset custody (DAC) insurance program for digital asset custodians and/or service providers that provide short-term digital asset custody and directors and officers’ liability for cannabis/hemp businesses and digital asset businesses including a private company product with coverage for token issuances and alternative Side A solutions.

It will also offer a miscellaneous professional liability cover that can be tailored to accommodate service providers and advisors in various capacities within both the digital asset and cannabis/hemp spaces. Its other offerings are cyber cover for emerging business sectors and commercial crime cover for emerging business sectors.

Currently in development for the cannabis and hemp space are insurance products for living plant coverage and bailees exposure.

Joe Ziolkowski CEO of Relm said: “Our focus is on providing insurance coverage to solid companies in emerging business sectors. We truly understand how challenging it can be to get affordable cover and great business support, which is why Relm’s proposition to the marketplace is so critical.

“We’re thrilled to be a disrupter in the insurance industry through our bespoke insurance solutions that support innovators in digital assets and the cannabis and hemp industries. More importantly, we’re in a position to support the growth of these industries and are working closely with brokers and businessowners to arrive at optimal solutions. We have a strong new business pipeline for our first four products and will be building out new covers and sector specific insurance products in the coming months. Deltec’s backing has been outstanding and we are confident of a successful start to our underwriting through 2020.”

Ty Sagalow, founding member of Lemonade and independent non-executive director of Relm Insurance added: “I am proud to be asked to be on the board of Relm as it steps up to offer relevant insurance products to emerging business sectors. My experience with Lemonade has demonstrated just how ready the market is for new approaches to insurance and I am confident that Relm’s focus on today's emerging risks will ensure success for its brokers and insureds.”