OnRe

OnRe is an on-chain reinsurance company built on Solana that connects digital asset capital to the global property and casualty reinsurance market—a sector that exceeds $800 billion in annual premiums. Rather than synthesizing yield through crypto-native mechanisms such as staking, leverage, or liquidity incentives, OnRe earns from the underwriting of real reinsurance contracts through a regulated entity licensed in Bermuda.

The Problem OnRe Addresses

The reinsurance industry has historically been closed to all but the largest institutional capital providers. At the same time, digital asset holders seeking sustainable, market-cycle-independent yield have had limited access to real-world cash flows. OnRe targets both gaps: it gives crypto allocators a pathway into reinsurance returns while providing insurance companies and brokers an alternative source of capital beyond traditional channels.

Regulatory Structure

OnRe operates as a Segregated Accounts Company regulated by the Bermuda Monetary Authority (BMA). It holds dual licenses: an Insurance Act license covering its reinsurance operations and a Digital Asset Business Act (DABA) license covering its on-chain infrastructure. Each depositor's capital is held in a legally ring-fenced segregated account used exclusively to collateralize reinsurance exposure. This structure provides legal separation of capital, meaning each account's liabilities are isolated from those of other accounts within the company.

Core Mechanism

Capital flows into OnRe when users deposit yield-bearing stablecoins through the platform. The company's actuarial and underwriting team deploys that collateral to underwrite short-duration property and casualty reinsurance contracts—primarily auto, homeowners, and other short-tail lines with defined, measurable risk profiles. Premium income flows back into the segregated account, and any claims are settled against the same pool.

The token that represents a depositor's position is ONyc (OnRe Tokenized Reinsurance). Each ONyc token corresponds to a proportional fractional claim on the underlying segregated account. The token's net asset value is updated regularly to reflect underwriting performance—earned premiums net of claims. Yield therefore comes from real cash flows rather than protocol emissions or leveraged positions. OnRe explicitly does not rely on staking rewards, funding-rate dynamics, liquidity incentives, or delta-neutral strategies.

ONyc: The Yield-Bearing Asset

ONyc is designed as a liquid, composable, yield-bearing dollar asset. Holders earn from two primary sources: reinsurance premium income from active underwriting contracts and collateral yield on the stable assets held inside the segregated account. OnRe also runs a points program that provides supplementary incentive exposure.

Estimated base APY has been cited in the range of 9-15%, with figures from DefiLlama showing an average of approximately 11-14% at various points in 2025-2026. Returns are structurally uncorrelated to crypto market volatility because they derive from insurance contract performance rather than token price dynamics or liquidity conditions.

Once ONyc is minted through the platform's identity verification and deposit process, the token is fully transferable and can be used across DeFi protocols for lending, borrowing, liquidity provision, structured yield strategies, and as collateral.

DeFi Integrations on Solana

OnRe has built out an ecosystem of integrations across Solana's major DeFi protocols, making ONyc a composable building block for yield strategies:

• Kamino: ONyc is integrated into Kamino Finance, Solana's largest money market, enabling holders to borrow against their position or supply ONyc alongside other assets. This integration launched in August 2025.
• Orca: ONyc can be used to provide liquidity on Solana's primary AMM.
• Loopscale: Provides leverage strategies on top of ONyc positions.
• Carrot: Carrot Boost vaults allow holders to amplify reinsurance-backed yield through looping strategies.
• Exponent: Risk tranching for ONyc launched on Exponent in June 2026, enabling structured yield products with differentiated risk and return profiles for different investor preferences.

Transparency and Verification

OnRe addresses the opacity typically associated with real-world asset (RWA) protocols through several layers of verification. Token supply, NAV inputs, and relevant fund movements are visible on-chain. Apex, an institutional attestation provider, performs regular third-party NAV attestations. Accountable provides DeFi-native verification for broader community scrutiny. The company achieved SOC 2 Type II certification, indicating its operational controls meet established information security standards.

OnRe also maintains an Immunefi bug bounty program covering its smart contracts. The contracts managing ONyc issuance and redemption have been independently audited, and all transactions occur transparently on-chain. In June 2026, OnRe appointed Allez Labs as an independent risk partner, responsible for evaluating and validating the reinsurance risk frameworks applied to the protocol.

Team and Background

OnRe was co-founded by Dan Roberts (CEO) and Theo (Co-Founder). The broader team brings more than a decade of global reinsurance underwriting experience across institutional programs. Ben Fortune joined as Chief Underwriting Officer and Tunde Olowofila as Head of Reinsurance, both adding direct industry expertise. Insurtech Gateway backed the project from its earliest stages and maintains involvement in strategic direction.

Funding and Investors

OnRe closed a $5 million Series A in May 2026, co-led by Forward Industries (Nasdaq: FWDI) and RockawayX. Forward Industries, which operates as a Solana-focused treasury company, separately committed to deploying up to $25 million into ONyc as a strategic capital partner. Earlier backers include Coinbase Ventures, Maven11, Spartan Capital, Ethena, and Solana Ventures. The reinsurance brokerage relationships are supported by Guy Carpenter and Howden, two of the largest global reinsurance brokers.

Growth and Scale

OnRe crossed $40 million in assets under management in November 2025, growing approximately 22% month over month at that stage. It reached $100 million AUM on February 17, 2026—four months ahead of its internal target. By mid-2026, the protocol had continued to scale TVL further and announced cross-chain expansion with an Ethereum deployment, broadening the addressable market beyond Solana.

Solana Ecosystem Fit

OnRe occupies a distinct position in Solana's real-world asset (RWA) landscape. Unlike synthetic yield products or stablecoin protocols, it generates returns from licensed underwriting activity in a regulated, non-crypto market. This gives Solana-native capital a source of yield that is structurally independent of crypto market cycles, making ONyc relevant as a portfolio diversifier and as collateral in DeFi contexts where uncorrelated, stable-value assets are preferred. The breadth of its DeFi integrations—spanning money markets, AMMs, leverage protocols, and structured yield platforms—positions ONyc as a foundational yield primitive within the Solana ecosystem.