In the meantime Insurance coverage Bitcoin (Bermuda) Restricted (“In the meantime”) introduced it has change into the primary firm on the planet to launch externally audited monetary statements denominated fully in Bitcoin. In line with the announcement, the corporate reported 220.4 BTC in property and 25.29 BTC in internet revenue for 2024, a 300% yr over yr enhance.
“We’ve simply made historical past as the primary firm on the planet to have Bitcoin-denominated monetary statements externally audited,” mentioned Zac Townsend, CEO of In the meantime. “This is a crucial, foundational step in reimagining the monetary system based mostly on a single, international, decentralized normal outdoors the management of anybody authorities.”
The monetary statements have been audited by Harris & Trotter LLP and its digital asset division ht.digital. In the meantime’s financials additionally adjust to Bermuda’s Insurance coverage Act 1978, noting that their BTC denominated financials have been permitted and adjust to official tips. The agency, absolutely licensed by the Bermuda Financial Authority (BMA), operates fully in BTC and is prohibited from liquidating Bitcoin property besides by means of 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 proof against 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 internet premiums and 4.35 BTC in funding revenue, displaying that its mannequin not solely preserves Bitcoin, however earns it. The corporate’s reserves (additionally held in BTC) have been reviewed and permitted by Willis Towers Watson (WTW).
In the meantime additionally affords a Bitcoin Entire Life insurance coverage product that permits policyholders to avoid wasting, borrow, and construct legacy wealth—fully in BTC, and has plans to develop globally in 2025.
“We’re extremely happy with immediately’s information because it underscores how In the meantime is on the forefront of the following section of the convergence between Bitcoin and institutional monetary markets,” mentioned Tia Beckmann, CFO of In the meantime. “Now having generated internet revenue in BTC, now we have demonstrated that we’re incomes it by means of a sustainable insurance coverage enterprise mannequin designed for the long run.”
