Aon is a global professional services firm that provides a variety of risk, reinsurance, retirement, and health solutions. With an increase of than 50,000 employees in 120 countries, the business supports customers worldwide by using propriety data and analytics to deliver insights that improve performance. Aon’s commercial risk solutions offer risk advisory, risk transfer, and structured solutions that help business customers better identify, quantify, and manage risk exposure. Meanwhile, the company’s reinsurance solutions provide risk transfer, claims advocacy, and capital management answers to help insurers and reinsurers reduce volatility and make their business resilient. Aon’s old age solutions offer retirement, investment, and human capital solutions that help employers, investment officers, and fiduciaries manage risk and optimise ends up with a volatile market environment. Meanwhile, its health solutions offer consulting, global benefits, and exchange solutions that help customers mitigate rising healthcare costs and improve employee health and wellness.
AON insurance – Shakepay, a cryptocurrency exchange based in Montreal, has secured insurance for its cold wallet storage thanks to Aon. Jean Amiouny, CEO of Shakepay, said that the exchange supports bitcoin investing, however the exchange is not going to actually hold onto crypto holdings any longer than necessary. This approach reduces the chance of users’ funds being stolen should Shakepay be compromised. “ShakePay is built, to never hold your bitcoin [but] to send it out immediately,” Amiouny told CoinDesk. “What [our customers] do is they buy bitcoin and then they send it out to wallets they control … as a platform we generally don’t carry customer assets lengthy.”
According to Shakepay, the insurance provided by Aon is underwritten by insurers with Lloyd’s of London. The insurance covers all funds Shakepay holds in cold storage – it covers “physical theft of the media where in fact the private keys are held,” Amiouny explained. The cold storage is provided by a crypto custody provider regulated in america, although provider’s identity is undisclosed for security purposes.
On top of securing insurance to strengthen its protection, Shakepay has tapped CipherBlade to execute the complete audit of the cryptocurrency company’s reserves and security policies. The audit revealed that Shakepay’s reserves fully back its customer assets in some recoverable format.
“There was a 100% match between transaction data within backend systems and amounts credited to user accounts accordingly in accordance with actual transaction amounts observed on the Bitcoin and Ethereum blockchains (for cryptocurrency transactions) and bank-account records (for fiat transactions) in every transactions observed,” CipherBlade’s report said.