December 11, 2023

Hudson Structured Capital Management Ltd. (HSCM), an investment management firm focused on insurance, reinsurance and transportation, also participated in the seed round of a cryptocurrency-denominated life insurance startup in Bermuda.

Hudson Structured Capital Management LogoMeanwhile, hopes to help bitcoin holders activate some of their assets by purchasing life insurance from the only insurance company fully denominated in a specific cryptocurrency.

The company is launching whole life insurance denominated in bitcoin (BTC), and hopes to entice long-term bitcoin holders to see an opportunity to liven up some of their assets, rather than just holding them as a store of value.

“As one of the few monetary innovations of the last century, Bitcoin has the potential to become a global store of value and functional currency,” said Zac Townsend, Co-Founder and CEO of Meanwhile.

“When you combine that with artificial intelligence, we see the potential to build a full-stack life insurance company with the goal of covering more than a billion people around the world. First, for long-term holders of BTC, investing in That asset-denominated life insurance and making a percentage of the BTC they hold active makes a lot of sense,” Townsend said.

It is also using AI in its life insurance policy underwriting, with AI-driven underwriting, claims and operations systems, as it looks to provide a more efficient end-to-end insurance experience while reducing manual labor and increasing transparency.

The startup raised $19 million in two seed rounds, with Hudson Structured Capital Management (HSCM) participating, along with other high-profile venture and tech investors and insurtech investors such as OpenAI’s Sam Altman, former senior Stripe Employees Lachy Groom, Gradient Ventures, Mouro Capital and MS&AD Ventures.

Meanwhile, it says it is licensed and regulated by the Bermuda Monetary Authority, but we are not sure what type of company it is using at this stage. The company does state that its “licensed and regulated Bermuda subsidiary is fully denominated in BTC, accepts all premiums and pays all claims in BTC.”

Anna Patterson, Managing Partner at Gradient Ventures, explained: “Meanwhile we are at the intersection of AI and digital asset transformation. standard. We’re excited to support Zac and Max in their mission. “

“The insurance industry is often viewed as inefficient and hostile to new technologies, and frankly, in many cases,” added Jon Soberg, managing partner at MS&AD Ventures. Blockchain and artificial intelligence have combined to create a truly unique dynamic life insurance program. We are delighted to participate in this round of funding and look forward to seeing the unique financial product that Meanwhile launches.”

It’s also a tax-advantaged way to liven up bitcoin, allowing users to access some of the liquidity of their life insurance policies tax-free, as well as a way to pass on wealth in a tax-efficient manner, the company said.

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