Bermuda-based OnRe announced Thursday it appointed Apex Group as independent attestation provider for ONyc, its tokenized reinsurance vehicle.
Apex Group will conduct regular independent attestations of ONyc's net asset value and treasury balances.
The firm will publish monthly attestation reports for token holders.
What Happened
Under the engagement, Apex Group will verify ONyc's reported positions and valuations against underlying reinsurance positions and treasury holdings.
The attestations cover assets held across both traditional financial accounts and blockchain infrastructure.
OnRe operates under Bermuda Monetary Authority oversight with approvals under the Digital Asset Business Act and Insurance Act.
ONyc launched in July 2025 as a multi-collateral yield-bearing token targeting 16% base yield from reinsurance premiums.
The token operates on Solana and has integrated with DeFi protocols including Kamino and Chainlink.
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Why It Matters
The appointment brings traditional financial oversight standards to a tokenized reinsurance product.
"Appointing Apex Group formalizes the separation between capital deployment and verification," said Dan Roberts, OnRe co-founder and CEO.
Apex Group manages over $3 trillion in assets under administration and provides fund administration services to asset managers.
Daniel Coheur, Apex Group's global head of digital assets, stated the firm will apply established standards for portfolio reporting.
The move addresses transparency concerns for institutional investors considering tokenized real-world assets.
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