Relm CEO on insuring the ‘next economic frontiers’ – AI and space

His firm is eyeing a global expansion this year

Relm CEO on insuring the ‘next economic frontiers’ – AI and space

Insurance News

By Gia Snape

Entering uncharted territories as an insurer requires confidence and caution in equal measures. For Relm Insurance, jumping into high-growth sectors that other carriers avoid is its raison d’etre.

Last year, the Bermuda-domiciled specialty carrier secured the US Managing General Insurance Agent (MGIA) designation, achieved an 85% growth rate, and doubled its headcount. In 2025, it’s expanding its capacity to the United Kingdom, Europe and Asia while developing insurance solutions for two “economic frontiers”: artificial intelligence (AI) and the space economy.

Founded in 2019, Relm caters to niche sectors such as Web3, digital assets, AI, and biotech. CEO and founder Joseph Ziolkowski (pictured) spoke to Insurance Business about how Relm balances the growth potential in emerging sectors with their inherent risks and uncertainties.

“A lot of our growth ties back to the vision for Relm: making innovation resilient,” Ziolkowski said. “Our goal is to maximize the accessibility of our products and solutions for companies in these spaces.”

Supporting innovation through insurance

To achieve this, Relm doesn’t just focus on one aspect of its operations. Instead, every department plays a role, from product innovation to actuarial modeling.

“It’s not just about underwriters or having enough bandwidth on the product innovation team,” the CEO noted. “It’s about a foundational effort from which we can scale a sustainable business.”

According to Ziolkowski, Relm’s approach to insuring innovative sectors is rooted in deliberate learning, data gathering, and expertise building. Being methodical allows Relm to break down overwhelming sectors into manageable pieces. For instance, in the space economy, it’s not just focused on broad trends but is assessing the viability of specific technologies.

“You can begin to understand why certain types of micro propulsion technology are impactful or why lunar mining initiatives are, as science-fiction as they seemed five years ago, within the grasp of reality,” Ziolkowski said.

Relm kicked off the year with the launch of three AI insurance products: NOVAAI, PONTAAI, and RESCAAI. The products are designed to provide comprehensive coverage for these emerging risks, both for businesses creating and integrated with AI, and those using AI in peripheral ways.

Ziolkowski said AI presents another frontier where risks and opportunities intertwine. Companies integrating AI often lack clarity about the financial protection they need. Relm approached this nascent sector with what he called a “multi-dimensional effort.”

“We focused heavily on understanding the rapidly evolving regulatory landscapes across jurisdictions,” he said. “As AI accelerates, so do regulatory, operational, and ethical risks. The challenge lies in assessing how core insurance products respond to exposures arising from AI development and use.”

The process of developing the AI insurance solutions also involved engagement with external legal counsel to understand evolving regulatory landscapes and issues such as “silent AI risks”, or “unintended triggers of liability policies due to improperly vetted AI solutions or insufficient scrutiny of counterparties.”

“When new risks arise, the insurance industry often restricts coverage through endorsements or exclusions,” Ziolkowski said. “Observing this trend among major insurers helps us identify gaps we can address.”

Expanding globally – and beyond?

Geographical expansion is also on the horizon for Relm. These moves are driven by a strategy to maximize the accessibility of its products in jurisdictions that matter most.

“These are strategically important jurisdictions - those where regulatory frameworks are crystallizing, startup momentum is strong, and capital is flowing,” Ziolkowski explained.

Asia, with its tech-driven economies and ambitious space programs, stands out as a priority. “The convergence of these factors creates a perfect environment for us to invest and support these companies effectively,” the CEO added.

But Relm isn’t just chasing immediate growth. Ziolkowski said its long-term strategy hinges on three pillars: deeper support for existing sectors, regulatory expansions in key markets, and continual product innovation.

Beyond 2025, this means scaling operations to ensure faster and smarter entry into key markets while diversifying its insurance portfolio to support innovative companies worldwide.

The space economy will be a key piece of this strategy. Recognizing space as the “next economic frontier”, Ziolkowski sees insurance as an enabler rather than a hurdle.

“Without access to innovative risk solutions, progress will be impeded,” he said. “We want to modify traditional products to be relevant for these companies while also creating ground-up products for unique risks.”

Examples include launch and in-orbit insurance for next-generation vehicles and propulsion systems. “It’s about working closely with operators to identify how insurance can enable these efforts commercially,” Ziolkowski added.

Do you have something to say about Relm’s growth and global expansion plans? Please share a comment below.

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