In the meantime Insurance coverage Bitcoin (Bermuda) Restricted (“In the meantime”) announced it has turn into the primary firm on the earth to launch externally audited monetary statements denominated solely in Bitcoin. In response to the announcement, the corporate reported 220.4 BTC in belongings and 25.29 BTC in web revenue for 2024, a 300% 12 months over 12 months enhance.
“We’ve simply made historical past as the primary firm on the earth to have Bitcoin-denominated monetary statements externally audited,” said Zac Townsend, CEO of In the meantime. “This is a crucial, foundational step in reimagining the monetary system primarily based on a single, world, decentralized commonplace outdoors the management of anyone authorities.”
The monetary statements had been audited by Harris & Trotter LLP and its digital asset division ht.digital. In the meantime’s financials additionally adjust to Bermuda’s Insurance Act 1978, noting that their BTC denominated financials had been authorised and adjust to official tips. The agency, totally licensed by the Bermuda Financial Authority (BMA), operates solely in BTC and is prohibited from liquidating Bitcoin belongings besides via policyholder claims, positioning it as a long run holder.
“As the primary regulated Bitcoin life insurance coverage firm, we view the BTC held by In the meantime as inherently long-term in nature—primarily held to assist the Firm’s insurance coverage liabilities over a long time,” Townsend added. “This makes it considerably ‘stickier’ and immune to market pressures in comparison with the BTC held by different corporations as a part of their treasury administration methods.”
In the meantime’s 2024 financials additionally revealed 23.02 BTC in web premiums and 4.35 BTC in funding revenue, exhibiting that its mannequin not solely preserves Bitcoin, however earns it. The corporate’s reserves (additionally held in BTC) had been reviewed and authorised by Willis Towers Watson (WTW).
In the meantime additionally provides a Bitcoin Complete Life insurance coverage product that enables policyholders to save lots of, borrow, and construct legacy wealth—solely in BTC, and has plans to broaden globally in 2025.
“We’re extremely pleased with right this moment’s information because it underscores how In the meantime is on the forefront of the following part of the convergence between Bitcoin and institutional monetary markets,” mentioned Tia Beckmann, CFO of In the meantime. “Now having generated web revenue in BTC, we have now demonstrated that we’re incomes it via a sustainable insurance coverage enterprise mannequin designed for the long run.”
