Barbados has welcomed Tabit Insurance SCC, a cutting-edge offshore business specializing in Bitcoin-backed insurance policies. The company recently commenced operations after receiving a Class 2 insurance licence from the Financial Services Commission (FSC).
Co-founded by William Shihara and Stephen Stonberg, both prominent entrepreneurs in digital assets and financial services, Tabit Insurance SCC initially offers directors and officers (D&O) insurance policies priced in US dollars and supported by Bitcoin reserves. This innovative approach aims to deliver heightened security and transparency for executives and stakeholders in the fast-evolving digital asset industry.
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Shihara praised the regulatory environment in Barbados, stating, “The FSC’s forward-thinking approach and the island’s established reputation for integrity in financial services make Barbados an ideal home for Tabit Insurance SCC. Their diligent oversight has laid the foundation for us to deliver solutions tailored to the demands of a dynamic global industry.”
Chief Executive Officer Stephen Stonberg highlighted the company’s broader vision, explaining, “Our mission extends beyond insurance; we aim to connect international business opportunities with Barbados’ thriving economy. By integrating blockchain technology and supporting the local community through conferences and charitable initiatives, we’re creating value for both clients and Barbados.”
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The launch of Tabit Insurance SCC marks a significant milestone in Barbados’ financial services sector, underscoring the island’s potential as a hub for innovative and customized solutions in the global digital asset space. By leveraging its progressive regulatory framework, Tabit aims to attract foreign direct investment and establish Barbados as a competitive player in the offshore insurance market.
Tabit’s operations will blend advanced technology with strict regulatory compliance, positioning the company as a pioneer in merging digital innovation with traditional insurance practices in Barbados.
The company also acknowledged the invaluable support of local professional service providers and advisors, including FT Legal, Marsh Insurance, and WCG Consulting, in ensuring full compliance with Barbados’ high standards.
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