The dedicated crypto insurance company Evertas has announced the acquisition of Bitsure, an insurer which offers coverage for crypto mining operations. Launched in 2021, Bitsure bound its first mining policy in June of 2022, and today insures about 6% of the Bitcoin mining network.
Commenting on the deal, Evertas CEO and co-founder J. Gdanski said: “Bitsure is a product of smart and eager entrepreneurs who built a great company fulfilling a critical yet mostly unmet need. As a result, Bitsure quickly grew to the point where they needed help scaling-not just from an insurance capacity perspective but also from a team and resources perspective.
“These are all things Evertas has to offer. In joining forces, Evertas benefits from the addition of key personnel and their deep understanding of mining, mining risks, and the broader Web3 ecosystem.”
Gdanski added that Evertas has authority to write crypto mining policies up to $200 million per location, which he said is several times higher than any other insurance provider, and 20 times more capacity than Bitsure had access to previously.
Under the terms of the deal, Bitsure co-founder Thomas Shewchuck joins Evertas as head of underwriting. In a Globenewswire release, it was revealed that he started his career as a wholesale insurance broker in 2011 and began mining cryptocurrencies with his partners in 2019.
“Not long after launching Bitsure, we collaborated with Evertas on multiple underwriting projects, where it was readily apparent that together, there was real synergy. That realization soon led to conversations about merging our operations,” Shewchuck said. “The combination of Bitsure's expertise and the unmatched insurance capacity Evertas has access to is a game changer for crypto mining operations of all sizes.”
Bitsure's regulatory compliance expert and lead underwriter, Sarah Leon, will reprise that role at Evertas.
“The Bitsure team saw the huge insurance gap afflicting a vibrant but poorly understood market and decided to build a solution. It's a very relatable story, because it describes our origin as well,” said Evertas co-founder and president Raymond Zenkich. “Only a handful of people possess the kind of specialized insurance and crypto mining knowledge we saw in abundance at Bitsure, and we're fortunate to have them joining our team.”
