P&C reinsurer Canopius has approved Qubit, a specialist managing general agent focusing on digital asset risks, as a coverholder to distribute its digital asset custody and crime insurance products from Hong Kong.
This marks the first time that Canopius is providing digital asset insurance in the Asia Pacific region in collaboration with another company.
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Qubit is now the first and only domestic carrier in the Hong Kong market to offer products with the Lloyd’s of London financial rating, the company stated.
Qubit CEO Helen Ye said: “Achieving Coverholder status from Lloyd’s is a milestone for Qubit. Distributing products on behalf of Canopius, long recognised as a market leader for innovation, is a further testament to the great strides we have made as a business. This approval positions us to better meet the needs of the market and reflects Qubit’s dedication to the industry.
“Our new status will allow us to extend market leading insurance coverage to various participants in the digital asset space, including custodians, exchanges and investment managers.”
Canopius head of Specie Nicholas Edwards said: “We pride ourselves on innovation and developing solutions that address the needs of clients across the world. Endorsing Qubit as a Coverholder aligns us with a partner who shares this dedication to understand the risks clients face and to deliver tailored solutions to mitigate them.”
In December 2024, Canopius extended its partnership with WNS, aiming to strengthen its existing connections by implementing WNS’ proprietary, technology-led solutions.
Canopius has underwriting operations in Australia, Bermuda, China, Singapore, the UK and the US.
It underwrites via Lloyd’s Syndicate 4444, managed by Canopius Managing Agents, as well as Canopius US Insurance and Canopius Reinsurance, a Bermuda-based Class 4 Insurer.
