Mike Sapnar, the former CEO of global reinsurance firm TransRe has now surfaced as Global Head of Insurance Solutions for the Stone Ridge owned NYDIG, tasked with leading the firms creation of bitcoin-powered products and services for the global re/insurance industry.
We wrote back in March that Sapnar was said to be set to take on a role at Stone Ridge Asset Management, the New York based asset manager with a focus on alternative risk premia strategies.
It turns out the role is an interesting one, as it sees Sapnar joining NYDIG, a Stone Ridge owned provider of technology and investment solutions for the cryptocurrency Bitcoin.
NYDIG has announced that it has raised $100 million of growth capital from strategic partners including property and casualty (P&C)-focused insurers Starr Insurance, Liberty Mutual Insurance, and other P&C insurers, who join NYDIG’s existing life insurance and annuity-focused strategic partners New York Life and MassMutual.
At the same time the company has announced the appointment of former Trans Re CEO Mike Sapnar as its Global Head of Insurance Solutions.
Sapnar will lead all of NYDIG’s insurance activities, with a focus on “accelerating bitcoin-driven innovation in the global property and casualty (P&C) industry.”
He is joined by Matt Carey, NYDIG’s U.S. Head of Insurance Solutions, who will focus on products and services for U.S.-based life insurance and annuity providers.
Before joining NYDIG, Carey was co-founder and CEO of Blueprint Income, an online annuity marketplace in the U.S., recently acquired by MassMutual from Stone Ridge.
Robert Gutmann, co-founder and CEO of NYDIG, commented, “The global property & casualty (P&C) industry is huge, paying out over $1 trillion in claims annually. I am excited to welcome Starr and Liberty Mutual to NYDIG, as part of our expansion of bitcoin into new areas of insurance.” Robert continued, “The team and I are also thrilled to welcome Mike and Matt to NYDIG. Mike has been a close collaborator with Stone Ridge since 2014, primarily with our catastrophe reinsurance asset management franchise and our non-catastrophe reinsurer, Longtail Re. Mike’s more than 30 years of experience will help NYDIG lead the way in bringing bitcoin to the insurance industry.”
Hank Greenberg, Chairman and CEO of Starr added, “We’ve been broadly and successfully investing with Ross and the Stone Ridge team across their various initiatives for years, including as a founding NYDIG investor in 2017. We are excited to continue our tradition of co-investment with them. We’ve also worked closely with Mike Sapnar for more than 25 years and congratulate Mike and NYDIG on his joining, and further propelling, the Stone Ridge ecosystem.”
Ross Stevens, CEO of Stone Ridge and Executive Chairman of NYDIG, stated, “Fiat depreciation causes inflation in fiat premiums, while collapsing the purchasing power of claims. We see a brighter bitcoin-powered future for the billions who depend on the insurance industry every year. With the addition of Mike Sapnar, a trusted partner for years, and now with Starr, Liberty Mutual, New York Life, and MassMutual as shareholders of NYDIG, we will be working tirelessly to enable new bitcoin-denominated products for global insureds.”
NYDIG’s parent company is Stone Ridge Holdings Group, which owns Stone Ridge Asset Management and also the firms Bermuda and Cayman reinsurance platform Longtail Re.
NYDIG provides Bitcoin related investment and technology solutions to financial services firms including insurers, banks, corporations, institutions, as well as to high-net worth individuals.