Assurely Bermuda teams up with Relm to boost growth
Insurtech MGA Assurely’s Bermuda subsidiary has partnered with the island’s Relm Insurance to expand its TigerMark D&O insurance program.
The specialty insurer will provide added capacity and expanded coverage for the programme, which protects companies, their boards and management teams when raising money online or through crowdfunding.
Relm’s backing will enable Assurely to double available capacity and offer higher limits to companies raising capital. Relm will also provide comprehensive and traditional D&O insurance coverage options.
Rapid growth in global crowdfunding, which increased from $8.61 billion to $113.52 billion between 2020 and 2021, has resulted in a need for higher limits, Assurely said.
“The crowdfunding industry is experiencing rapid growth that is generating an acute requirement for protection against the increased risks for startups and projects,” said Ty Sagalow, chief insurance officer and co-founder of Assurely. “By expanding through our agreement with Relm, TigerMark’s strengthened capability fully supports the arising risks these companies face, making the industry and its stakeholders safer.
“Here at Assurely, we are excited to provide the only D&O insurance that properly meets the needs of stakeholders within an industry that is shaping how individuals invest and how companies begin.”
“We are excited to support the protection TigerMark provides and to be a part of the positive impact it has across the crowdfunding industry,” said Joe Ziolkowski, CEO of Relm Insurance. “This program will allow businesses to raise tech-enabled capital for the first time so they can grow and scale, opening up huge opportunities and new business platforms. This aligns with Relm’s mission to energise emerging risk businesses to execute on their strategy and grow.”