MindWave and Skalup form Bermuda insurance venture and will seek a BMA licence
Bermuda's regulator has an early test of how digital-asset-backed capital and blockchain-based policy administration fit inside a conventional insurance licence. The BMA, Bermuda reinsurers and prospective capital providers should watch how the application treats staking-derived capital, custody and solvency, because the outcome will set expectations for later entrants. Applicants of this kind should expect scrutiny of capital quality before any capacity is sold.
What Happened
MindWave Innovations Inc. USA and Singapore-based Skalup Capital announced a joint venture to establish an insurance business in Bermuda and pursue an insurance licence from the Bermuda Monetary Authority. The release says the venture pairs MindWave's blockchain infrastructure and digital-asset-backed capital, in the form of staking, with Skalup's insurance expertise to build reinsurance capacity.
Why It Matters
Bermuda's regulator has an early test of how digital-asset-backed capital and blockchain-based policy administration fit inside a conventional insurance licence. The BMA, Bermuda reinsurers and prospective capital providers should watch how the application treats staking-derived capital, custody and solvency, because the outcome will set expectations for later entrants. Applicants of this kind should expect scrutiny of capital quality before any capacity is sold.
“An insurance promise is only as strong as what stands behind it. In Bermuda, that question is now being asked of a new kind of capital, and it deserves a careful, open answer.”
Jorai LaurenceoFounder & Executive Director, Laurenceo
The Bermuda Angle
The proposed insurer would be Bermuda-based and needs a Bermuda Monetary Authority licence, so it falls squarely under Bermuda's insurance regulation. Bermuda reinsurers, fintech advisers and service providers should track the application as a precedent for digital-asset-backed capital.
Sources
- GlobeNewswire (company press release) (opens in a new tab): MindWave Innovations Inc. USA and Skalup Capital Singapore Form Bermuda Insurance Joint Venture, Pursue Insurance License with Bermuda Monetary Authority (2026-11-09)
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Key Terms
- NIST AI Risk Management Framework: The NIST AI Risk Management Framework (AI RMF 1.0, published January 2023) is a voluntary US framework for managing AI risk, organised...
- Bermuda Monetary Authority (BMA): The Bermuda Monetary Authority is Bermuda's integrated regulator of financial services, supervising insurers, reinsurers, banks...
Filed under Financial Markets, Infrastructure, AI in Financial Services, AI in Insurance and Reinsurance, Bermuda AI News, Data Centres and Compute, MindWave Innovations, Bermuda Monetary Authority.
This story is part of the Laurenceo Intelligence briefing for 11 November 2026, a daily sourced briefing on AI, technology and enterprise risk published in Bermuda by Laurenceo, founded by Jorai Laurenceo. It is produced by an automated research pipeline and checked before publication; how this is made. General information only, not legal, regulatory or financial advice.