FTX US Insurance Relm Claims It Works Well

Following the fall of FTX Trading, the insurance company Relm is well-capitalized to handle the demands of the industry, according to CEO Joseph Ziolkowski.

The CEO said on the company’s website:

“On the asset side of our balance sheet, we have remained highly conservative with approximately 95% of our assets in cash or U.S. Treasury Bills.”

The CEO also mentioned the company’s strict compliance with legal regulations, saying that the company is completely transparent:

“As a regulated general insurance company, Relm complies with stringent regulations and solvency reporting requirements imposed by the Bermuda Monetary Authority and files financial statements audited by Deloitte. Relm is rated for financial stability, and deems “A, Exceptional” by Demotech, an SEC-recognized Nationally Recognized Statistical Rating Organization (NRSRO).”

Without going into greater detail, Ziolkowski stated that Relm also offers insurance to other firms that have been compromised owing to their association with FTX and Alameda.

“We are coverage could reserve the extent to which our potential be triggered. Accounting for the potential for direct and indirect losses, we have allocated a of our general portion for both known and unknown claims related to this market impact.”

Finally, Ziolkowski stated that he would rebuild the digital assets field in the future.

“Our commitment to the support and rebuilding of this sector during and following this trying time remains unwavering.”

Brett Harrison, who left the companies only about five weeks before the exchange’s public problems began, was one of FTX US’s more public-facing executives during his tenure. He is allegedly attempting to seek funds for a crypto trading software firm from significant investors.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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