Reuters Evertas’ crypto insurance coverage limit raised to $420M.

The cryptocurrency insurer Evertas can now provide coverage for policies up to $420 million, a significant increase from its previous limit of just $5 million, according to a report from Reuters on Friday.

Arch Insurance International, a member of Lloyd’s of London, has authorized Evertas to expand its coverage limit for a single policy for crypto custodians and exchanges to $420 million, a boost for risk management in the cryptocurrency industry. This authorization was issued by Arch Insurance International, a London-based syndicate.

For more information, read: Crypto Custody Firm Copper Inks $500M Insurance Deal With UK Giant Aon

Evertas, based in New York, provides insurance for crypto wallets against hacks and thefts, which often harm the reputation of the industry and slow down its widespread adoption. According to a report from blockchain intelligence firm TRM Labs, hackers have stolen around $400 million from crypto projects so far this year.

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The company writes crypto insurance on behalf of Arch in its role as a “coverholder,” which international insurance firms turn to for specialized knowledge of complex risks.

Evertas only writes insurance for custodians with private keys. Last December, Evertas raised $14 million in funding, led by Polychain Capital and including contributions from Morgan Creek, Matrixport, and HashKey, among others.

Neither Evertas nor Arch immediately responded to CoinDesk’s request for comment.

For more information, read: Crypto Wallet Provider Ledger Delays Key-Recovery Service After Uproar

Edited by Parikshit Mishra.