7 December 2022

Relm undeterred by FTX fallout

Relm says it is committed to the digital assets space despite the collapse of FTX. Relm provides insurance coverage to West Realm Shires Inc. (commonly known as FTX.US) and FTX Australia Pty Ltd. It also provides insurance coverage to companies that have been compromised due to their relationship with FTX and Alameda

Relm, which provides insurance to companies operating in new and emerging sectors, has written more than $100 million in gross premium since its launch in the early 2020s.

“Unquestionably, this has been a difficult period in the digital asset industry, especially relating to FTX, Alameda Research and their affiliated entities,” said Joseph Ziolkowski, Relm’s co-founder and chief executive officer.

“Following a detailed review of our entire portfolio, we remain confident that we will continue to be well-capitalized to serve the needs of the industry as the fallout from this event evolves. On the asset side of our balance sheet, we have remained highly conservative with approximately 95% of our assets in cash or US Treasury Bills,” he added.

Relm is committed to the digital asset space, Ziolkowski continued, not only by issuing policies and collecting premiums but also by paying legitimate, covered claims.

“We genuinely believe in the potential of distributed ledger technology, and that belief informs a major part of our underwriting appetite for innovation. Our commitment to the support and rebuilding of this sector during and following this trying time remains unwavering,” he concluded.