On Re
OnRe is a Bermuda-licensed, Solana-based reinsurance company that issues ONyc, a yield-bearing token backed by regulated reinsurance premiums and stablecoin collateral, serving crypto-native capital providers and traditional insurance cedents.
- Company typePrivate
- Founded2022
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2B
- OfferingServices
What On Re does
OnRe is a Bermuda-licensed on-chain reinsurance company that issues ONyc, a yield-bearing, NAV-redeemable token that connects crypto-native capital to regulated property and casualty reinsurance underwriting. The platform is built on Solana and structured as a Segregated Accounts Company (On Re SAC Ltd.) holding Class F Digital Asset Business and Class IIGB Insurance licenses from the Bermuda Monetary Authority, with sUSDe (Ethena) as the primary collateral and Chainlink Onchain NAV plus Apex Group monthly attestations providing institutional-grade transparency. ONyc is minted at NAV against USDC, USDG, or sUSDe and is redeemable through an on-chain queue subject to a 25 basis point processing fee and a target of up to 2.5% of NAV monthly redemption capacity.
The company's business model combines underwriting premium retention (approximately 50% of premiums after claims) with redemption and protocol fees, supported by two distinct customer bases. Capital providers — DAOs, crypto funds, accredited investors, and institutional allocators — earn 10-16%+ target APY from reinsurance premiums plus collateral yield, with composability across Kamino, Loopscale, Orca, Exponent, Perena, RateX, JitoSOL, Carrot Boost, Titan Exchange, and Accountable. Cedents — MGAs, carriers, mutuals, and brokers (Guy Carpenter, Howden, Rhodium Re) — access new on-chain capital capacity across specialty and property catastrophe lines. Distribution combines embedded DeFi protocol distribution with traditional broker-led reinsurance sourcing and direct institutional sales led by the CGO.
OnRe is led by Co-Founder/CEO Dan Roberts, Co-Founder/CTO Ted Georgas, and Co-Founder/CGO Ayyan Rahman (ex-Circle, Gateway), with recently appointed CUO Ben Fortune (ex-Fidelis Partnership) and Head of Reinsurance Tunde Olowofila. As of mid-2026, ONyc TVL reached approximately $167M (with ~$170M total platform AUM), the company closed a $5M Series A co-led by Forward Industries and RockawayX (Forward additionally committed up to $25M into ONyc), achieved SOC 2 Type II certification, and delegated $150M to Rhodium Re for MENA underwriting distribution.
On Re firmographics
Firmographics- Name
- On Re
- Legal name
- On Re SAC Ltd.
- Website
- https://onre.finance
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- OnRe is a Bermuda-licensed, Solana-based reinsurance company that issues ONyc, a yield-bearing token backed by regulated reinsurance premiums and stablecoin collateral, serving crypto-native capital providers and traditional insurance cedents.
- Ownership category
- akta.pro rank
On Re industry classification
Industry- Product category
- Tokenized Reinsurance
- NAICS
- Insurance Carriers (5241), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Asset-Backed Securities (6189)
- akta.pro primary industry
- Tokenized Real-World Assets & On-Chain Treasuries (tokenized T-bills, money markets, cash management) (FSAPAEAJ)
- akta.pro secondary industries
- Borrowing/Lending Risk & Credit Infrastructure (on-chain credit scoring, risk engines, insurance wrappers) (FSAPAEAI), Tokenized Collateral & On-Chain Credit Infrastructure (Collateral Mgmt, Liquidations) (FSAGAMAK)
Keywords
Where On Re is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices2 records
Markets served
On Re business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain, Others
Revenue model
- Reinsurance Premium Income: OnRe generates revenue by underwriting reinsurance risk through its Bermuda-licensed segregated accounts. Capital providers deposit stablecoins (e.g., sUSDe) into ONyc pools, and OnRe earns underwriting profits by charging premiums for taking on insurance risk. The team retains approximately 50% of premiums after claims, generating returns from actual reinsurance operations. Yield comes from three sources: reinsurance premiums, stablecoin collateral yield (e.g., sUSDe), and incentives for liquidity providers.
- ONyc Redemption Fee: OnRe charges a 25 basis point (0.25%) redemption processing fee on fulfilled redemption requests processed through the online application. This fee is deducted from redemption proceeds and represents a direct revenue stream tied to investor liquidity events.
- ONyc Protocol Token ($ONRE): The $ONRE protocol token is tied to a regulated, revenue-generating business with value linked to TVL. Distributions including airdrops, rewards, and promotional programs are managed by ONRE Systems Limited. The token provides governance utility and protocol-level incentives, with token incentives forming part of the total yield proposition for capital providers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Pay-as-you-go | ONyc Base Yield (10-12% from reinsurance + 4-15% collateral yield) |
| Transaction based/ take rate | Pay-as-you-go | ONyc Redemption Processing Fee |
| Usage-based | Monthly | Monthly Redemption Capacity |
Go-to-market motion3 records
Distribution channels9 records
Marketing channels9 records
On Re product offering
Product offeringCore offering
OnRe operates a licensed, on-chain reinsurance platform that issues ONyc, a yield-bearing, multi-collateral token built on Solana that combines regulated reinsurance premium income with stablecoin collateral returns (anchored in sUSDe). The licensed Bermuda insurer underwrites real-world property and casualty reinsurance sourced through global brokers and MGA partners, then tokenizes exposure so that digital-asset capital providers can mint ONyc at NAV via USDC/USDG deposits and earn uncorrelated reinsurance yield. The platform delivers primary issuance, automated on-chain redemption, Chainlink-published NAV, and composable DeFi distribution across Solana money markets.
Product overview
OnRe is the world's first on-chain reinsurance company operating as a single, focused platform built on Solana. The core product is ONyc (OnRe Tokenized Reinsurance), a yield-bearing dollar asset combining reinsurance premiums and collateral returns that targets approximately 11.78% APY. ONyc is built as a multi-collateral, composable asset backed by stablecoins (primarily sUSDe from Ethena) and designed to become DeFi's preferred collateral asset. The ecosystem includes the $ONRE protocol token for governance, ONyc Multiply leverage product on Kamino, ONyc Lending Market, multiple liquidity vaults (JitoSOL-ONyc, Core Vault on Accountable), the ONyc/sUSDe pool on Orca for secondary trading, OnRe Points rewards program, and automated redemption infrastructure. The platform connects alternative on-chain capital with the global property and casualty reinsurance market exceeding $800B in annual premiums, enabling digital asset allocators to access historically inaccessible reinsurance yields.
Differentiator
Problem solved
Functional benefit
Brands
- ONyc: OnRe Tokenized Reinsurance - a multi-collateral, yield-bearing dollar asset combining reinsurance premiums and collateral returns, built to become DeFi's preferred collateral asset.
- ONyc SA
Products and services
- ONyc (OnRe Tokenized Reinsurance) A liquid, composable, yield-bearing dollar asset combining reinsurance premium income with collateral returns (sUSDe and other stablecoins). Provides direct exposure to reinsurance yield, is redeemable at NAV, and can be used as collateral across DeFi protocols (Kamino, Loopscale, Orca, Exponent, Accountable, RateX). Targets approximately 11.78% APY (13.96% base as of June 2026) for capital providers including DAOs, crypto funds, and institutional allocators.
- $ONRE Protocol Token Governance and utility token tied to OnRe's regulated, revenue-generating reinsurance business, with value linked to TVL. Managed by ONRE Systems Limited (BVI), owned by ONRE Token Foundation (Cayman Islands); legally separate from the regulated insurer entity On Re SAC Ltd. Provides protocol-level incentives, governance utility, and rewards distribution (airdrops, promotional programs) for ecosystem participants.
Quantifiable outcome
- 13.96% current base APY for ONyc holders (June 2026)
- +5 more outcomes
Companies that use On Re
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
On Re technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration15 records
Feature6 records
On Re partnerships and signals
Strategic signalPartnerships
24 partnerships are on record, tiered core, key, secondary and minor.
- Solana FoundationcoreOnRe is built on the Solana blockchain, leveraging its low transaction costs and fast settlement for on-chain reinsurance operations. Solana's infrastructure supports ONyc token operations, smart contract execution, and real-time NAV publishing. OnRe is positioned as a key RWA application on Solana's ecosystem.
- Kamino FinancecoreONyc is live on Kamino, Solana's largest DeFi money market ($700M+ stablecoin TVL), as collateral for borrowing, lending, and looping strategies. This integration marks the first time reinsurance-backed yield is used as on-chain collateral in Solana DeFi. Kamino Multiply enables leverage on ONyc positions. Incentives include $200K rewards pool for borrowing and 5x Ethena points for ONyc holders.
- LoopscalecoreONyc vault launched on Loopscale, a Solana-native DeFi credit protocol, enabling leveraged USDC strategies. Users can borrow USDC at up to 75% LTV to acquire more ONyc and loop strategies for up to 42% APY. Direct ONyc USDC vault earns 20% APY. 3x OnRe points and 4x leverage multipliers are active from launch.
- OrcacoreOrca's CLMM (Concentrated Liquidity Market Maker) infrastructure hosts the ONyc/sUSDe liquidity pool on Solana, providing secondary market access for ONyc LPs. Over $5M in initial liquidity was deployed. The pool enables early exits, capital rebalancing, and improved capital efficiency without waiting for pool maturity. OnRe offers incentivized LP programs for early participants.
- ChainlinkcoreOnRe adopted Chainlink's Onchain NAV standard to publish daily net asset value data for ONyc on-chain. Chainlink's oracle infrastructure provides tamper-resistant, real-time NAV pricing for secondary market liquidity, DeFi integrations, and investor transparency. Chainlink was selected over multiple oracle providers for its institutional-grade infrastructure that has secured tens of trillions in transaction value.
- ExponentcoreONyc is integrated into Exponent v2, bringing real-world reinsurance yield into DeFi's most advanced yield-splitting and leverage strategies. ONyc is available across fixed rate markets, active liquidity infrastructure, automated strategy vaults, and on-chain rate trading tools designed to scale institutional-grade capital deployment across DeFi.
- Rhodium RecoreOnRe delegated $150M to Dubai-based MGA Rhodium Re to expand global underwriting distribution for ONyc. This partnership establishes OnRe's Middle East presence and enables distribution of tokenized reinsurance capacity through Rhodium Re's established broker network and MGA operations in the MENA region.
- Apex GroupcoreApex Group was appointed as OnRe's independent attestation provider for ONyc, conducting regular independent attestations of ONyc's net asset value and treasury balances across traditional and on-chain accounts. Monthly reports are published for stakeholders, applying established financial product accountability standards to the on-chain reinsurance structure.
- Guy CarpenterkeyGuy Carpenter, a leading global reinsurance broker, works with OnRe to access global reinsurance markets and source risk. The partnership enables OnRe to distribute tokenized reinsurance capacity through Guy Carpenter's established broker network and access diverse insurance lines including property catastrophe and specialty lines.
- HowdenkeyHowden, a global reinsurance broker, partners with OnRe to source global reinsurance risk and expand distribution. Through this partnership, OnRe accesses Howden's broker network and client relationships to underwrite specialty and property catastrophe reinsurance programs.
- PerenasecondaryPerena's USD* stablecoin is integrated with OnRe's tokenized reinsurance platform, enabling USD* to earn reinsurance yield from ONyc. This partnership brings real-world yield into Perena's stablecoin infrastructure, expanding stablecoin utility across the Solana ecosystem.
- MoonPayminorMoonPay acquired DFlow, a platform that simplifies trading on Solana, for $100M in stock. This is related to Forward Industries' broader Solana ecosystem strategy rather than a direct OnRe partnership.
- Allez LabskeyAllez Labs was selected as OnRe's independent risk partner, bringing deep expertise in evaluating insurance-linked assets and risk frameworks used across leading DeFi protocols. As long-time contributors to risk frameworks, Allez Labs serves as an independent risk evaluation layer for OnRe's on-chain reinsurance operations.
- ImmunefisecondaryOnRe partnered with Immunefi to host an active bug bounty program with rewards of up to $100,000 for security vulnerabilities identified in OnRe's smart contracts and platform infrastructure.
- AccountablekeyOnRe's uncorrelated reinsurance-backed yield became available on Ethereum for the first time through Accountable's YieldApp. The OnRe Core Vault is live on Accountable's platform, creating the first institutional-grade access layer for Ethereum capital to access Solana-native reinsurance-backed yield through a single USDC deposit.
- SquadssecondarySquads is a key player shaping the digital asset space that OnRe has partnered with as part of its ecosystem of technology providers supporting on-chain reinsurance infrastructure.
- Coinbase PrimesecondaryCoinbase Prime provides institutional-grade digital asset infrastructure and services that OnRe has integrated with as part of its ecosystem of technology providers enabling on-chain reinsurance operations.
- JitoSOLsecondaryONyc is integrated with JitoSOL through the JitoSOL-ONyc Liquidity Vault, enabling automated fees and boosted rewards for users deploying assets into the combined liquidity strategy.
- ElementalsecondaryElemental, a Solana-native DeFi fund manager, launched an institutional vault powered by OnRe's tokenized reinsurance vehicle (ONyc), providing institutional-grade access to reinsurance-backed yield.
- Titan ExchangesecondaryTitan Exchange provides native ONyc minting at NAV by swapping USDC or USDG, eliminating secondary market exposure and price volatility for investors seeking direct primary market access.
- Carrot BoostsecondaryONyc looping is live on Carrot Boost, giving ONyc holders a new way to amplify real-world yield on Solana through leveraged position management.
- RateXsecondaryONyc is available on RateX for trading, leverage, and earning fixed yield backed by real-world reinsurance revenue, with limited-time supercharged point multipliers live to incentivize participation.
- Global Dollar Network / USDGsecondaryUSDG (Global Dollar stablecoin by Paxos) is utilized on OnRe's platform to expand real-world yield access on Solana. USDG minting incentives are available for ONyc holders through Kamino, creating a multi-stablecoin collateral ecosystem.
- RWA FoundationsecondaryOnRe is a proud member of the RWA Foundation, participating in industry initiatives to advance tokenization and decentralized finance. OnRe was part of the RWA Foundation's inaugural cohort expanding leadership in tokenized real-world assets.
Scale indicators9 records
Recent moves7 records
Expansion highlights6 records
On Re competitors and assessment
Company assessmentDirect peers
- InsurAce: Multi-chain DeFi insurance protocol offering cover for smart contracts, stablecoins, and custodial risks. Competes with OnRe for crypto-native insurance premium and capital-provider attention, but covers on-chain rather than reinsurance risks.
- Centrifuge: Tokenization platform for real-world assets (primarily private credit and trade finance) with on-chain tinlake pools. Comparable to OnRe in bridging institutional RWAs into DeFi, though Centrifuge focuses on credit receivables rather than reinsurance.
- Ondo Finance: Tokenized RWA platform offering yield products backed by US Treasuries and other short-duration fixed income. Directly comparable to OnRe as a regulated tokenized-yield product competing for institutional DeFi treasury allocation.
- Maple Finance: On-chain institutional credit market with tokenized loan receivables (syrupUSDC, cash management). Comparable business model of bringing real-world yield on-chain to DeFi capital, though Maple originates credit while OnRe underwrites reinsurance risk.
- Nexus Mutual: Decentralized insurance alternative built on Ethereum offering cover for smart-contract and custodial risks. Nexus Mutual is the closest analogue in the crypto-native insurance space, though it focuses on protocol cover rather than traditional reinsurance underwriting.
- Goldfinch Finance: Decentralized credit protocol originating loans to real-world businesses and tokenizing the receivables. Operates a similar model of bringing institutional, off-chain yield into DeFi via tokenization, focused on emerging-market private credit rather than reinsurance.
Others
- Pendle Finance: Yield-tokenization protocol that splits yield-bearing assets into principal and yield tokens for trading. Pendle increasingly lists tokenized RWA yield products like ONyc, making it both a distribution channel and a comparable yield-primitive on-chain.
Broad incumbents
- MakerDAO (Sky): Decentralized RWA-backed stablecoin issuer with significant treasury and corporate bond exposure. While broader in scope and far larger in scale, Sky competes for the same institutional DeFi capital base and demonstrates the demand ceiling for tokenized RWA yield products.
Emerging players
- Ethena Labs: Issuer of sUSDe, the synthetic dollar and primary collateral backing ONyc. Ethena is both OnRe's closest ecosystem partner and a comparable yield-bearing token issuer; their respective products compete for the same DeFi capital base seeking dollar-denominated yield.
- Ribbon Finance: Structured DeFi products protocol offering covered calls, put selling, and yield-enhanced strategies. Competes for DeFi yield-seekers with engineered yield products, analogous to ONyc's role as a yield-bearing structured product.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
On Re social profiles
Digital presenceOn Re compliance and trust
Trust signalCompliance4 records
On Re financial estimates
Financial estimateRevenue estimate
Valuation estimate
On Re leadership team
Management profileNumber of profiles
Profiles7 records
On Re funding detail
Funding detailFunding overview
Funding rounds2 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
On Re M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about On Re
What does On Re do?
OnRe operates a licensed, on-chain reinsurance platform that issues ONyc, a yield-bearing, multi-collateral token built on Solana that combines regulated reinsurance premium income with stablecoin collateral returns (anchored in sUSDe). The licensed Bermuda insurer underwrites real-world property and casualty reinsurance sourced through global brokers and MGA partners, then tokenizes exposure so that digital-asset capital providers can mint ONyc at NAV via USDC/USDG deposits and earn uncorrelated reinsurance yield. The platform delivers primary issuance, automated on-chain redemption, Chainlink-published NAV, and composable DeFi distribution across Solana money markets.
Is On Re a public or private company?
On Re is a private company. It is classified as venture growth investor backed and is currently operating.
When was On Re founded?
On Re was founded in 2022. It employs 11 to 50 people.
Where is On Re based?
On Re is headquartered in London, United Kingdom, in the Europe region.
How does On Re make money?
Three revenue lines are on record. Reinsurance Premium Income is the primary driver. The others are ONyc Redemption Fee and ONyc Protocol Token ($ONRE).
Who are On Re's main competitors?
Direct peers on record are InsurAce, Centrifuge, Ondo Finance, Maple Finance, Nexus Mutual and Goldfinch Finance. Pendle Finance is listed as an others. MakerDAO (Sky) is listed as a broad incumbent. Emerging players are Ethena Labs and Ribbon Finance.
Does On Re have an API?
No public API is recorded for On Re.
What industry is On Re in?
On Re's product category is Tokenized Reinsurance. Its primary akta.pro industry code is FSAPAEAJ, Tokenized Real-World Assets & On-Chain Treasuries (tokenized T-bills, money markets, cash management), with a secondary code of FSAPAEAI, Borrowing/Lending Risk & Credit Infrastructure (on-chain credit scoring, risk engines, insurance wrappers). Its NAICS code is 5241 and its SIC code is 6200.