WAX Insurance Services Launches Collectibles Insurance
WAX Insurance Services, a leading fintech startup focused on protecting and unlocking value for the collectibles industry, is pleased to announce the launch of new online mono-line collectible insurance policies designed to protect collectors from loss, damage, and theft worldwide, and underwritten by Chubb, the world’s largest publicly-traded property and casualty (P&C) insurance company.
According to Real Assets Advisor, the estimated global market for collectibles was $372 billion in 2020 with expected growth of 40 percent to $522 billion by 2028. With the collectibles market booming, demand to insure this growing asset class is skyrocketing. WAX’s mission is to enhance financial services for this sector through positioning as an important trusted resource for collectors nationwide.
“WAX was built for collectors by collectors,” said Rich Vinhais, COO of WAX and long-time watch aficionado. “We believe in creating trust and financial efficiencies for all collectors, and we are excited to be adding an array of financial products that help further reduce the friction of legacy paperwork, in-person appraisals, and lengthy underwriting times.”
WAX is a venture-backed company that recently raised a $10 million seed round investment led by Slow Ventures and AV8 Ventures with participation from NVP, TGV, and a number of celebrity collectors, including DJ Skee, Josh Hart, and Jason Robins, CEO of DraftKings. This investment will help WAX expand globally, beginning with Europe. Today, WAX offers a leading digital wallet for collectors, a robust mobile app, and an insurance product that provides an efficient platform for collectors to manage, insure, and borrow against collectibles, all from a smartphone.
“With collectibles emerging as a legitimate asset class, financial service products like those offered by WAX will be fundamental to the growth of the collectibles ecosystem,” said Kevin Colleran, the lead investor from Slow Ventures. “Allowing collectors to unlock liquidity and potentially even build wealth without having to sell their collectibles is a huge differentiator.”