10 Best Reinsurance Options for Crypto Custodians in 2026

This article highlights the best reinsurance options for Crypto Custodians in 2026. As digital asset custody rises, custodians encounter incremental risks due to cybercrime, theft, and the changing regulatory landscape.

Reinsurance helps to create institutional stability and build confidence with investors. By reviewing the leading reinsurance markets, such as Lloyd’s of London and Munich Re, amongst others, custodians gain insight into how other markets are developing capacity to protect digital assets against potential losses.

Key Points

1. Lloyd’s of London

Lloyd’s of London adopts a marketplace approach over being an insurer. For digital asset risk exposures, digital asset custodians have access to syndicates. Lloyd’s of London’s coverage model supports layered protection supporting cyber liability, crime, and custodial asset protection.

With respect to capacity, Lloyd’s of London’s syndicates combine resources to support large exposures, making Lloyd’s of London an attractive option for custodians of billions. Lloyd’s of London’s geographic scope is international, with Lloyd’s licenses spanning more than 200 jurisdictions, creating adequate licensing for custodial activities.

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Lloyd’s of London’s flexibility in creating policies for differing custody models balances financial risk and emerging blockchain risk. Of the reinsurers analyzed, Lloyd’s of London, in the middle of the pack, does an excellent job of customizing reinsurance solutions for digital asset custodians.

Lloyd’s of London

2. Munich Re

Munich Re is the reinsurer of choice for conservative approach risk management and underwriting. Its coverage model combines custody liability, operational risk, and cyber risk to provide protection for system compromise or theft. Capacity is at the upper end of the market and can support large institutional custodians and exchanges.

The geographic scope extends across Europe, North America and Asia. Risk management standards are consistent across its global operations. For digital asset custodians, Munich Re’s advantage is in its actuarial analysis and modeling for the unique risk of cryptocurrencies.

Midway, Munich Re has the most capacity and global reach of any reinsurer, making it the most important reinsurer for institutional digital asset custody.

Munich Re

3. Swiss Re

Swiss Re focuses on the innovation of its coverage model by developing policies for blockchain-related cases and cyber crimes that expose custody to a variety of vulnerabilities. Swiss Re’s coverage includes the theft of digital assets, failures of smart contracts, and negligent mismanagement of custody, ensuring wide coverage.

Swiss Re’s capacity is robust, sustained by the group’s ability to absorb a significant portion of the loss and by the strength of Swiss Re’s balance sheet. Swiss Re’s coverage is Global, especially in Europe, Asia, and the Americas. Given the diversity of Swiss Re’s geographic coverage, it is able to serve custody firms operating in multiple jurisdictions.

Swiss Re also engages in research partnerships so it can better understand the risks of crypto, improving its underwriting. Midway, Swiss Re offers innovative coverage and capacity together, and thus serves custody firms with digital asset exposure in a research-based, modern way.

Swiss Re

4. Hannover Re

Hannover Re has an innovative approach to coverage, developing flexible models for custody of digital assets. Hannover Re’s coverage addresses operational risk and cyber, and focuses on custodial theft, with an emphasis on loss-based modules.

With partnerships, Hannover Re is able to add capacity for larger custodial exposures. Hannover Re’s geographic scope is also flexible and includes Europe and North America, with an emphasis on crypto hubs.

Hannover Re’s strength is its approach to custody rather than the size of the firm. Midway, Hannover Re has the flexibility to provide custodial firms with reinsurance that balances innovation and capacity with a coverage footprint that supports firm custody operations worldwide.

Hannover Re

5. Aon Digital Assets

Aon Digital Assets offers customized brokerage and reinsurance solutions built specifically for crypto custodians. Aon Digital Assets’ coverage model integrates theft, cyber liability, and custodial asset protection and can be structured through Lloyd’s syndicates or global reinsurers. While capacity is dependent on partnerships, Aon’s extensive network allows it to secure significant limits for institutional clients.

With Aon’s presence in over 120 countries, custodians can access compliant coverage across an array of jurisdictions. Aon also provides advisory services and helps crypto custodians assess risks and build optimized reinsurance programs. Currently, Aon Digital Assets is one of the only broker-based solutions in the market that combines tailored coverage models with global capacity through its strong and extensive reinsurer partnerships.

Aon Digital Assets

6. Marsh McLennan

Marsh McLennan offers fully integrated brokerage and reinsurance services built specifically for crypto custodians to manage their risks. Marsh McLennan’s coverage model addresses theft of digital assets and cyber-related losses as well as custodial liability obligations and is structured in accordance with the regulatory framework.

Institutional custodians can have high limits of capacity due to relationships Marsh McLennan has developed with a number of leading reinsurers. With operations in over 130 countries, Marsh McLennan has the capacity to provide custodians with compliant coverage worldwide. Marsh McLennan’s advisory services provide crypto custodians with valuable consultative services to address the regulatory frameworks.

Currently, Marsh McLennan combines global reach, strong capacity, and tailored coverage models, making it the broker of choice for reinsurance solutions for crypto custodians.

Marsh McLennan

7. Guy Carpenter

Guy Carpenter focuses on customized reinsurance brokerage for crypto custodians. Involving cyber liability, custodial theft, and operational risk, Guy Carpenter’s coverage is structured through layered programs. With Guy Carpenter’s relationships with primary reinsurers, substantial limits are available for institutional custodians.

Coverage is available throughout the world. Strongest in North America, Europe, and Asia, Guy Carpenter positions itself to offer coverage across the major crypto markets. In addition, Guy Carpenter pursues a strong analytics focus, using analogous crypto risk modeling.

Midway, Guy Carpenter develops data analytics focused, innovative reinsurance solutions targeted to meet the needs of institutional digital asset custodians.

Guy Carpenter

8. Bermuda Reinsurers

Bermuda reinsurers’ flexibility in underwriting nascent risks, such as crypto custody, complements the structure of some of their programs. Similar coverage models include cyber liability, custodial theft, and operational risk. Capacity is notable, given the presence of some of the world’s largest reinsurers operating out of Bermuda.

Offering coverage on a Bermuda Form is international, including North America, Europe and Asia. An innovative regulatory environment enables the concentration of crypto-related reinsurance in Bermuda. Midway, Bermuda reinsurers leverage their strong capacity, global reach and creative coverage models to adopt a leading role in re/insurance of digital asset custodians.

Bermuda Reinsurers

9. Tokio Marine

Tokio Marine provides coverage models to custodians that cover cyber liability, custodial theft and operational risk. Tokio Marine’s financial strength and partnerships with global reinsurers enables solid capacity. Geographic focus is in Asia, with active operations in Europe and North America.

Tokio Marine collaborates with other companies to enhance its understanding of blockchain, improve its risk assessment, and strengthen its underwriting. For custodians, Tokio Marine offers coverage with regional specialization in Asia. Midway, Tokio Marine offers geographic specialization in Asia, making it an important reinsurer for custodians active in Asia.

Tokio Marine

10. SCOR

SCOR integrates innovation and risk modeling in its coverage model to provide protection for custodians from cyber risks, custodial theft, and failures in operational due diligence. Innovation is complemented with solid financials driven by global capacity, reinforced by SCOR’s ability to underwrite large, wide exposures.

SCOR’s reach extends across Europe, North America, and Asia, providing custodians with coverage on a worldwide basis. SCOR has undertaken special research to identify and understand emerging risks, with particular emphasis on blockchain risks.

For custodians, innovation and strength are strategically aligned, making SCOR a preferred partner for reinsurance. In the moderate segment, strong capacity, global reach, and special models make SCOR a reinsurer of choice for digital asset custodians.

SCOR

Conclusion

As the crypto industry continues its rapid expansion and digital asset management becomes more complex, crypto custodians are expected to confront larger cyber risks and greater scrutiny from different authorities in 2026. Lloyd’s of London, Munich Re, Swiss Re, Hannover Re, Aon Digital Assets, Marsh McLennan, Guy Carpenter, Bermuda Reinsurers, Tokio Marine, and SCOR are among the reinsurers and brokers with different advantages in the coverage and underwriting of risks and different geographical areas of operation.

When selecting a reinsurance partner, custodians are more concerned about the partner’s ability to adverse scale blockchain risks and offer global coverage than about the partner’s financial protection. Swiss Re, MC, Lloyd’s, Munich Re or others combine to create the framework for risk management of digital asset custody. Selecting an appropriate reinsurer creates confidence for custodians to meet the evolving requirements of safeguarding crypto assets.

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