WTW, one of the world's largest insurance brokers, has bought the crypto insurance platform Redefind and launched a digital asset protection service that covers asset tracing and legal recovery costs. The move marks a rare foray by a traditional insurance heavyweight into the niche but fast-growing market for crypto-related risk coverage.
Inside the new digital asset protection service
The service, announced Tuesday, is designed for companies and individuals holding digital assets. It specifically covers the cost of tracing stolen or lost crypto and the legal expenses tied to recovery efforts. WTW didn't disclose pricing or policy limits, but the offering targets a gap in the market: standard cyber insurance often excludes crypto theft or caps recovery costs.
Why Redefind
Redefind is a specialized platform that underwrites crypto risk, particularly for exchanges and custodians. Acquiring it gives WTW an in-house team that already understands blockchain forensics and the legal landscape around digital asset theft. The deal closed earlier this year, according to a person familiar with the transaction. WTW declined to comment on the acquisition price.
What this means for the crypto insurance market
Traditional insurers have mostly stayed on the sidelines of crypto coverage, citing volatility and regulatory uncertainty. WTW's move suggests that calculus is shifting, at least for the asset-tracing and legal side of claims. The service doesn't cover the value of the stolen assets themselves — just the cost of tracking them down and taking legal action. That distinction matters: recovery costs can run into six or seven figures after a major hack, a fact not lost on exchanges that have suffered breaches.
The timing isn't accidental. Crypto theft volumes remain high, and victims are increasingly turning to law firms and forensic specialists. WTW's service wraps those costs into a single insurance product, which could make budgeting for post-theft work easier for firms that hold large digital asset portfolios.
