A market that used to run on email,
now settles onchain.

Re, the onchain reinsurance marketplace, said today that it has now written half a billion dollars in reinsurance premiums onchain, providing coverage for nearly one million policyholders. The marketplace has reached this scale with more than 40 insurance partners and roughly 4,000 onchain capital participants backing the policies that protect their homes, cars, and small businesses. We also had $149 million in new business within the last 45 days.

Insurers carry risk of their own, so they buy coverage from reinsurers, the companies that insure insurers. Reinsurance is a $700 billion-a-year business and the machinery that keeps the wider $7 trillion insurance market on its feet after a disaster. Yet it still runs on phone calls, emails, and spreadsheets, with deals that can take months to close.

Re moves that work onchain, so capital sits in stablecoins and anyone backing a policy can verify at any moment that the money is really there.

The capital layer,
made visible.

Insurance risk moves through a chain of parties. An insurer pools many policyholders' risk, then passes a slice to a reinsurer, which may pass part of it on again to pension funds and asset managers. Each handoff collects a fee and absorbs some of the risk, connecting a single claim to the global capital markets.

What slows this market is the fact that pricing, clearing, settlement, and reporting still rely on inboxes and spreadsheets, with no shared exchange, no standard contract, and no live view of who holds what. Re replaces that plumbing with onchain rails, so deals settle faster and the capital behind every policy is visible in real time.

The insurance part doesn't change. Regulated insurers still write the policies and pay the claims, and policyholders are made whole the way they always have been. What's different is the capital sitting underneath: open and continuously checkable, instead of opaque and occasional.

A broad spread,
built on Main Street.

Re's book concentrates on the low-volatility lines of U.S. insurance — the everyday cover that rarely makes headlines. Small-business commercial coverage, the property and liability protection that keeps Main Street running, is the largest single piece. Commercial auto comes next, followed by workers' compensation, homeowners, and a thin sliver of personal auto.

By design, it is a broad spread: many small policies across different lines and regions rather than a few concentrated bets. That diversification is what keeps the capital behind it relatively steady even when one corner of the market has a bad year.

From a standing start
to a billion-dollar run rate.

Re has written half a billion in premiums to date, backing policies that protect nearly one million policyholders. This is still a thin slice of a roughly $7 trillion global reinsurance market and a sign of how much room is left to run.

Since announcing its first funding round at the end of 2022, Re's book has grown fivefold year-over-year, against the roughly 4% a typical reinsurer adds.

Re attributes its edge to several factors: it's a newcomer free of legacy systems, its underlying technology gives a small team outsized operating leverage, it has recruited strong talent, and it can reach a source of capital the industry has historically struggled to access. A large part of the leverage is technological — Re has deployed sophisticated DeFi, security, and AI tooling to work in tandem with the underwriters at Cover Re in a corner of finance that still largely runs on spreadsheets and email.

The biggest financial market
hardly anyone talks about.

Insurance risk — the biggest financial market hardly anyone talks about — got left behind. Re is finally giving it the footing the others have long taken for granted: solvency you can verify, underwriting you can see, and settlement that happens as it goes.

The money to cover those losses existed. The system just couldn't route it to the people who needed it. Make the movement of capital into insurance cheaper and more transparent, and the benefit travels downstream. It shows up as cheaper premiums, more coverage on offer, and quicker payouts for the families and small businesses at the end of the line.