Evertas

Evertas is a provider of regulated insurance and risk mitigation solutions for digital assets, offering bespoke policies for theft, loss, and physical damage to cryptocurrency mining hardware. The company serves a broad client base consisting of institutional holders, exchanges, custodians, family offices, and blockchain startups by underwriting crypto-specific coverage and managing complex claims for the sector. To date, Evertas has raised $19.8 million in total funding and currently provides insurance coverage for approximately 25% of the global Bitcoin hashrate, with mining property policies scaling up to $360 million per declaration. The firm operates with financial backing and strategic partnerships from major industry entities including Lloyd's of London, Polychain Capital, and Accelerant, while recently expanding its market presence by acquiring crypto mining insurance specialist Bitsure. Evertas was founded in 2017 by J. Gdanski and Raymond Zenkich.

# Evertas: High-Level Overview

Evertas is not primarily a technology company—it is an insurance company specializing in cryptocurrency and blockchain risk[1][2]. Founded in 2017, Evertas provides specialized insurance products designed to protect crypto custodians, exchanges, mining operations, investment funds, and family offices against risks including theft, technology failure, and physical damage to mining hardware[1][2].

The company's core mission is to bring scalable risk transfer solutions and subject matter expertise to the crypto industry, thereby driving adoption[3]. Evertas distinguishes itself by being the world's first and only crypto insurance company backed by Lloyd's of London, one of the world's oldest and most trusted insurers[2]. This backing provides Evertas policies with the highest achievable creditworthiness ratings: A- (IX - Excellent) or A+ (XV - Superior)[2]. The company has achieved significant market penetration, supporting approximately 30% of crypto insurance underwriting globally[4].

# Origin Story

Evertas was founded in 2017 by J. Gdanski and Raymond Zenkich to solve the insurance problem in the cryptocurrency industry[4][6]. The company emerged from recognizing a critical gap: as crypto adoption accelerated, institutional players lacked adequate insurance products tailored to their unique risks. The founding team combined cryptonative blockchain expertise with institutional insurance leadership[6].

A pivotal moment came in July 2023 when Evertas acquired Bitsure, a crypto mining specialist founded by Thomas Shewchuck in 2022[5]. Bitsure had been the first managing general underwriter (MGU) solely focused on providing property, business interruption, and liability coverage for cryptocurrency mining companies[3]. This acquisition consolidated Evertas's position as the undisputed leader in crypto insurance by integrating deep mining expertise into the organization[5].

The company has demonstrated strong funding momentum, raising $5.8 million in seed funding by December 2021, followed by a $14 million Series A round led by Polychain Capital in December 2022, bringing total outside investment to $19.8 million[5].

# Core Differentiators

• Lloyd's of London backing: Evertas is the only crypto insurance company selected by Lloyd's as a listed coverholder in their official marketplace, with policies backed by Arch (a Lloyd's syndicate member) and Accelerant[2].

• Highest coverage limits in the industry: Evertas offers up to $360 million per policy—the highest per-incident coverage limits available—enabling customers to secure comprehensive protection in a single underwriting[2].

• Cryptonative underwriting expertise: The company is run by crypto natives with proprietary underwriting processes designed by those who understand the industry's unique risks[2]. Leadership includes specialists like Ron Carlson (Chief Underwriting Officer) and Nick Selby (Head of European Underwriting)[6].

• Global policy-writing authority: Evertas has policy-writing authority on six continents, enabling worldwide coverage[2].

• Bespoke policy design: Rather than standardized products, Evertas designs customized policies that lead to more appropriate coverage, streamlined claims, and faster payouts[2].

• Accelerant partnership: Access to Accelerant's Risk Exchange provides Evertas with capital connections, data analytics, and operational support that has increased market capture, improved quote-to-buy ratios, and reduced underwriting timelines[3].

# Role in the Broader Tech Landscape

Evertas operates at the intersection of two major trends: the institutional maturation of cryptocurrency and the emergence of specialized insurtech solutions. As crypto adoption accelerates among institutional investors, miners, and exchanges, the demand for sophisticated risk management tools has become critical. Traditional insurance carriers lack the expertise to underwrite crypto-specific risks, creating a market opportunity that Evertas has uniquely positioned itself to capture.

The company's backing by Lloyd's of London signals institutional validation of the crypto insurance category itself. By bringing traditional insurance credibility to an emerging asset class, Evertas reduces friction for institutional adoption of cryptocurrency infrastructure. This positions the company as a critical enabler of mainstream crypto adoption—institutions cannot scale operations without adequate insurance coverage.

Evertas also influences the broader ecosystem by setting standards for crypto risk assessment and underwriting. Its 30% global market share means the company's underwriting decisions and risk models shape how the industry understands and prices crypto-related risks[4].

# Quick Take & Future Outlook

Evertas has established itself as the category leader in crypto insurance through a combination of institutional credibility (Lloyd's backing), technical expertise (cryptonative team), and operational scale (30% global market share). The 2023 acquisition of Bitsure consolidated its dominance in the high-value mining segment.

Looking forward, Evertas's growth will likely be driven by three factors: continued institutional adoption of crypto infrastructure, expansion into adjacent risk categories (such as AI infrastructure operations, which the company has begun serving[2]), and geographic expansion leveraging its six-continent policy-writing authority. As regulatory frameworks for crypto mature globally, demand for compliant insurance solutions will accelerate, positioning Evertas to capture an expanding market.

The company's evolution from startup to institutional player—evidenced by Lloyd's partnership and Accelerant support—suggests Evertas is transitioning from category creation to category consolidation. Its future influence will depend on whether it can maintain technical expertise and cryptonative culture while scaling as a regulated insurance operation.