Right. They own their own insurance company, which insures them. It's based in Bermuda. Not good.
Some very big companies like AT&T and Boeing have their own captive insurers, but that's usually for tax reasons. They handle things like auto insurance for company cars, and maybe fire insurance. Captive insurers usually re-insure; they have a policy with another insurer with some multi-million dollar deductible in case something really bad happens. The little stuff they handle in-house.
Xapo, not so much.
