Bermuda-based tokenized reinsurer OnRe announced it delegated $150 million to Rhodium Re, a Dubai-based Managing General Agent, marking the firm's strategic push into Middle East reinsurance markets.
The partnership aims to connect OnRe's tokenized capital base with underwriting opportunities across Gulf Cooperation Council countries including UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, and Oman.
OnRe operates through ONyc, a yield-bearing token that targets 16% annual returns sourced from reinsurance performance and collateral assets.
What Happened
Rhodium Re is regulated by Dubai Financial Services Authority and based in Dubai International Financial Centre, providing OnRe with regional underwriting expertise and established carrier relationships across GCC markets.
The MGA will handle facultative, treaty, and retrocession reinsurance placement, extending beyond regional business to build a global property and specialty portfolio for OnRe's distribution network.
Dan Roberts, OnRe co-founder and CEO, stated the Middle East represents a priority growth market due to economic momentum and practical regulatory frameworks creating opportunities for reinsurers with global capital capabilities.
Tunde Olowofila, Senior Executive Officer at Rhodium Re, described the partnership as bringing capital strength and technical capability to the insurance value chain.
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Tokenized Reinsurance Context
OnRe is a licensed collateralized reinsurer connecting alternative capital with the $800 billion global property and casualty reinsurance market through blockchain infrastructure on Solana.
The firm recently appointed Apex Group as independent attestation provider for monthly verification of ONyc's net asset value and treasury balances held across traditional financial accounts and onchain infrastructure.
Alternative reinsurance capital reached approximately $121 billion as of June 2025, according to Moody's, with catastrophe bonds accounting for roughly 45% of that total.
OnRe developed ONyc in partnership with Ethena, Solana Ventures, and RockawayX, offering stablecoin holders exposure to reinsurance premiums and collateral yields independent of cryptocurrency market cycles.
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