Brokers and insurers are increasingly exploring opportunities in the digital assets market as cryptocurrencies and blockchain-based technologies become more widely adopted, despite longstanding concerns around volatility, regulation and the complexity of insuring crypto-related risks.
Against that backdrop, WTW has acquired Redefind, an end-to-end web-based platform designed to facilitate access to insurance products for crypto and digital asset owners.
The acquisition reflects a broader trend across the insurance industry, where firms are seeking to develop products and services capable of addressing risks associated with digital assets, including theft, fraud, cyberattacks and asset recovery. As institutional investment and corporate participation in the sector have grown, market participants have increasingly looked to create protection solutions that mirror those available in more traditional financial markets.
However, the sector has also presented significant challenges for insurers. Questions around regulation, asset custody, valuation and the frequency of high-profile thefts and cyber incidents have historically limited underwriting appetite, while the rapidly evolving nature of digital assets has made risk assessment more complex than in many established lines of business.
Brokers have increasingly sought specialist expertise and technology platforms that can help connect clients with appropriate protection and recovery services.
Redefind is designed to support digital asset owners in the event of theft or loss. According to WTW, coverage is intended to help fund expenses associated with forensic investigations, asset tracing and legal recovery efforts following the loss of digital assets.
The service will initially launch in the UK, with broader market and product expansion planned over time. Redefind founders Richard Daws and Connor Edward have also joined Willis following completion of the transaction.
Alastair Swift, head of global specialties at Willis, said demand for regulated protection solutions is increasing as digital assets become more widely adopted.
"As digital assets continue to move further into the mainstream, demand for credible regulated protection solutions is increasing," Swift said. "Through this investment, WTW is taking a leading position to shape the future of risk transfer and protection in the digital economy."
The acquisition comes as brokers, insurers and MGAs continue to evaluate how emerging technologies are reshaping both risk and insurance demand. Alongside developments in artificial intelligence, digital infrastructure and cyber security, digital assets have become one of several areas attracting increased attention from specialty market participants seeking new growth opportunities.
In recent years, insurers have developed products covering cryptocurrency custody, digital asset theft, cyber exposures and directors' and officers' liability for firms operating within the digital asset ecosystem. At the same time, brokers have increasingly sought to expand advisory capabilities around emerging technology risks as clients look for guidance in rapidly evolving markets.
Anthony Borgman, head of GB Affinity at Willis, described the acquisition as an important step in the firm's digital ambitions.
"We are delighted to have acquired Redefind and welcome its founders to WTW," Borgman said. "Under Richard's stewardship, the business will continue to evolve with support from WTW's Affinity practice and for wider distribution."
The deal also aligns with WTW's wider investment in technology-driven and emerging-risk solutions. In April, Willis launched Digital Infrastructure Protector, a risk management and insurance solution for data center owners and operators, while the group's planned acquisition of Newfront is expected to strengthen its technology and digital distribution capabilities.
