Barbados has attracted another offshore business as Tabit Insurance SCC, a US-based company, recently began operations here after receiving a Class 2 insurance licence from the Financial Services Commission (FSC).
The company, co-founded by William Shihara and Stephen Stonberg, both experienced entrepreneurs in digital assets and financial services, will initially offer directors and officers (D&O) insurance policies priced in US dollars and backed by Bitcoin reserves. This high-tech approach aims to enhance security and transparency for executives and stakeholders in the digital asset sector.
Shihara expressed enthusiasm about operating within Barbados’ regulatory framework: “The FSC’s forward-looking regulatory environment and the island’s longstanding reputation for integrity in financial services make Barbados an ideal home for Tabit Insurance SCC. Their thoughtful oversight and supportive approach have truly set the stage for the company to deliver insurance solutions that meet the needs of a dynamic and global industry.”
Stephen Stonberg, the company’s chief executive officer, emphasised Tabit’s broader vision: “Our mission goes beyond offering insurance solutions; we aim to bridge international business opportunities with Barbados’ vibrant economy. By integrating blockchain technology and fostering connections through conferences and charitable work, we’re contributing to a future that benefits both clients and the local community.”
Tabit Insurance SCC’s establishment in Barbados is being touted as a significant milestone, highlighting the company’s commitment to addressing the growing demand for customised insurance solutions within the global digital assets sector. By leveraging the country’s regulatory framework, the company aims to attract foreign direct investment while positioning Barbados as a competitive alternative to other destinations.
The company plans to incorporate cutting-edge technology into its operations while complying with regulatory standards, potentially making it a pioneer in blending digital innovation with insurance in Barbados.
Tabit Insurance SCC expressed gratitude to its local professional service providers and advisors, including FT Legal, Marsh Insurance and WCG Consulting, for their support in ensuring compliance with Barbados’ standards.
(PR)
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