Carey Olsen advises Soter Insure on achieving full license approval from Bermuda Monetary Authority

Obtaining this license is a significant milestone for Soter and will allow the company to offer a comprehensive suite of innovative insurance solutions for institutions in the blockchain and cryptocurrency sectors.

Soter offers director and officers' insurance, asset loss coverage and smart contract insurance. With policies uniquely denominated in U.S. dollars, Bitcoin and Ethereum, this approach addresses the asset-liability mismatch frequently associated with insuring digital assets and ensures that policyholders are indemnified in the same currency as their insured assets. 

The Carey Olsen team advising on the transaction was led by partner Steven Rees Davies, assisted by partner Michelle Falcucci, senior associate Alexandra Fox and associate Matthew Dulaney.

Steven Rees Davies said: "We are thrilled to have had the opportunity to advise and work closely with the Project Soter team on its successful application for a Class IIGB license. It is always a privilege to work with clients at the leading edge of their sector, and Soter Insure is precisely that within the digital asset insurance space."

Founder and CEO of Soter Insure, Henson Orser, said: "The team at Carey Olsen were exceptional in the delivery of their advice and project management. They were able to pull together the right legal expertise at exactly the right time to cover all of our corporate governance, insurance, regulatory, digital asset, financing, joint venture and segregated account needs and have been a critical and appreciated member of the Project Soter team from the start."

Soter is incubated by Further Ventures and WebN Group and based in Bermuda, with offices in Abu Dhabi and London.

Carey Olsen Bermuda Limited is a company limited by shares incorporated in Bermuda and approved and recognised under the Bermuda Bar (Professional Companies) Rules 2009. The use of the title “Partner” is merely to denote seniority. Services are provided on the basis of our current terms of business, which can be viewed at: www.careyolsen.com/terms-business.