OnRe Tokenized Reinsurance (ONYC)

Overview

OnRe Tokenized Reinsurance (ONYC, styled ONyc by OnRe) is a Solana token that gives holders a share of a reinsurance account. Reinsurance is insurance for insurers: an insurer pays a reinsurer to take on part of the cost of covered claims. OnRe brings that arrangement onto a blockchain so the account’s performance can be reflected in a token that holders can transfer and use in decentralized finance, or DeFi. (docs.onre.finance)

ONyc is tied to a segregated account in Bermuda. A segregated account keeps a pool’s assets and obligations separate from those of other pools. As the account earns insurance premiums and pays any claims, its net asset value, or NAV, changes. NAV is the value of the account after its obligations are taken into account. Each ONyc represents a proportional share of that value. (docs.onre.finance)

History & Team

From ONe to ONyc

OnRe grew out of Nayms, an earlier project focused on bringing insurance activity onto blockchain infrastructure. In 2025, the business adopted the OnRe name, short for “on-chain reinsurance.” Its initial tokenized reinsurance product was called ONe. In July 2025, OnRe introduced ONyc as an evolution of ONe, with a broader approach to the collateral used to support underwriting. (onre.finance)

Dan Roberts is OnRe’s co-founder and chief executive officer. Ayyan Rahman joined as co-founder and chief growth officer in 2025, with responsibility for growth, capital relationships, and partnerships. The business also draws on insurance specialists to select and manage the risks it takes on. This mix of insurance and blockchain work is central to its design: the token can move on Solana, while the underlying contracts remain part of a regulated reinsurance business. (onre.finance)

Technology & How It Works

From an insurance contract to an onchain token

A primary insurer can pass part of a covered risk to a reinsurer. In return, the reinsurer receives a premium and sets aside capital to meet claims under the contract. OnRe reviews proposed business and commits capital to approved programs. Its coverage areas include property catastrophes, such as windstorms and earthquakes, as well as specialty lines such as cyber, travel, and marine insurance. (onre.finance)

Eligible participants can deposit supported dollar-denominated digital assets, including USDC or USDG, to mint ONyc. The amount minted depends on the deposit and the account’s NAV at that time. OnRe’s Solana program applies onchain pricing rules and checks a configured supply limit when tokens are created. Returning tokens through an available redemption route reverses that process. Access to OnRe’s own mint and redemption services depends on its eligibility rules. (onre.finance)

How performance reaches holders

ONyc is designed to reflect performance through its value per token, rather than by regularly adding tokens to a holder’s wallet. Premium income can raise the account’s NAV; paid claims can lower it. The account also holds collateral assets, including stablecoins, cash equivalents, yield-bearing positions, and Treasury-bill exposure. Some of those holdings can add income while the capital supports reinsurance contracts. (docs.onre.finance)

The blockchain records token supply and transactions, while the insurance contracts and much of the supporting capital sit within the regulated business. OnRe uses onchain pricing inputs for minting and redemption. Chainlink supplies NAV information to DeFi integrations, and OnRe publishes account and reserve information through its transparency tools. Independent attestations by Apex Group add another way to examine reported holdings and NAV. (onre.finance)

Tokenomics & Utility

Supply follows participation

ONyc’s economic model centers on claims to the reinsurance account. Tokens are minted when capital enters through a supported route and are returned when a holder redeems through an available route. The onchain minting program checks that new issuance stays within its configured supply cap. For a holder, the key measure is the account’s NAV per token, which reflects the combined effect of earned income and insurance claims. (onre.finance)

Its main utility is giving an onchain form to a share of the account. A holder can keep ONyc in a compatible Solana wallet, transfer it, exchange it in a supported liquidity pool, or use it in DeFi products that accept it. That makes the same asset useful both as an insurance-linked holding and as collateral for other onchain activity. Some integrations add their own rewards or strategy features; those operate alongside the token’s core account-based model. (docs.onre.finance)

Ecosystem & Use Cases

ONyc connects several groups with different roles. Insurers and insurance brokers bring potential reinsurance business. OnRe evaluates contracts and provides coverage through its licensed structure. Capital providers obtain exposure to the resulting account through the token. Solana applications then give holders ways to put that token to use without leaving the blockchain. (onre.finance)

In DeFi, ONyc has been used as collateral on Kamino, where supported positions can borrow against it. Liquidity pools on Orca provide a way to swap it, while integrations with platforms such as Exponent and Loopscale support more specialized strategies. These uses show what composability means: one token can be accepted by several independent applications, each adding a different function. The account’s insurance performance remains the basis of ONyc’s NAV, even when the token is used elsewhere. (onre.finance)

Advantages & Challenges

Linking two different markets

ONyc’s main distinction is the source of its returns. Insurance premiums arise from contracts covering real-world events, giving DeFi participants access to an activity that was usually handled through specialist insurance and capital-market structures. The Solana token makes a share of that activity transferable and usable in lending and other applications. Bermuda’s segregated-account structure keeps the relevant pool’s assets and obligations legally distinct from those of other accounts. (docs.onre.finance)

That link also brings practical challenges. Claims from severe or related events can reduce the account’s NAV. Capital committed to insurance contracts may be needed for the length of those contracts, while DeFi users may want to exchange tokens sooner. OnRe has built dedicated liquidity infrastructure with Titan to connect its own buy-and-sell quotes with available secondary-market routes. The design brings together two systems that work on different time scales: insurance contracts and always-on blockchain markets. (onre.finance)

Where to Buy & Wallets

ONyc is available to eligible users through the OnRe application. Native minting has also been integrated with Titan Exchange using USDC or USDG. Secondary-market access includes the ONyc pool on Orca. These routes work differently: minting creates tokens against a deposit, while a pool lets users exchange tokens held by other participants. OnRe’s application also uses Titan routing to connect its liquidity with secondary markets. (onre.finance)

ONyc is a Solana asset and can be held in a compatible Solana wallet. OnRe supports connections through WalletConnect-compatible Solana wallets. Wallet ownership alone does not set a person’s eligibility to use OnRe’s minting or redemption services; those services follow the platform’s access requirements. (onre.finance)

Regulatory & Compliance

On Re SAC Ltd. is authorized and regulated by the Bermuda Monetary Authority. It holds a Class IIGB license under Bermuda’s Insurance Act and a Class F license under the Digital Asset Business Act. Its segregated-account company structure is the legal framework for separating ONyc’s reinsurance pool from other accounts. Bermuda oversight governs OnRe’s licensed activities, while access to the token and related services also depends on the rules of other jurisdictions. (onre.finance)

OnRe’s published exclusions include the United States, United Kingdom, Australia, and South Korea, among other jurisdictions. Its primary minting and redemption services also apply verification and eligibility requirements. These distinctions matter because holding a transferable Solana token and obtaining access to a regulated issuer’s services are different activities. (docs.onre.finance)

ONyc has no established Shariah-compliant status. It is built around conventional reinsurance and collateral investments. Islamic reinsurance, known as retakaful, uses principles of mutual assistance and avoids interest-bearing transactions. The Islamic Financial Services Board identifies those principles as central to retakaful and notes that conventional reinsurance investments commonly raise interest-related issues. OnRe describes ONyc as a reinsurance account rather than a retakaful product. (ifsb.org)

Future Outlook

OnRe’s development has moved beyond issuing a token. Its work on NAV reporting, independent attestations, DeFi integrations, and dedicated liquidity all addresses the task of making an insurance-linked asset useful onchain. Its stated direction includes broader collateral options and more products built around reinsurance exposure. The lasting measure of that work will be how well its underwriting, account reporting, and token infrastructure function together as participation grows. (onre.finance)

Summary

ONyc turns a share of a Bermuda-based reinsurance account into a transferable Solana token. Premiums, collateral income, and claims shape the account’s NAV, while DeFi integrations give holders ways to use the token onchain. Its place in crypto lies in connecting regulated insurance activity with blockchain-based ownership and applications. (docs.onre.finance)