ChainCatcher news, Tabit Insurance, an insurance company founded by former Bittrex executives, has raised $40 million in reserves, which consists of Bitcoin, to engage in traditional insurance and reinsurance business.It is reported that Tabit Insurance primarily offers Bitcoin-backed liability insurance and is a regulated risk underwriting entity that relies on Bitcoin reserves to formulate traditional insurance priced in USD. The company holds a Level 2 insurance license issued by the Barbados Financial Services Commission.