Global property and specialty reinsurer tokenized with ONyc, OnRe, has collaborated with Dubai-based managing general agent, Rhodium Re, to combine its capital base with Rhodium’s underwriting presence, providing OnRe with direct access to underwriting expertise, established carrier relationships, and a scalable distribution presence.
OnRe is a full licensed, collateralized reinsurer and onchain asset manager, and has delegated $150 million to Rhodium Re to expand global underwriting distribution for ONyc, a tokenized reinsurance vehicle.
The partnership creates a new MGA-led channel designed to connect regulated alternative capital with global underwriting sourced through the Middle East.
Through ONyc, described as a yield-bearing real-world asset that targets a 16% base return across market cycles, OnRe provides liquid access to reinsurance performance.
The company says that expanding underwriting depth and distribution remains central to its long-term growth, and the partnership with Rhodium Re, which is based in the DIFC and regulated by the DFSA, supports its integration into the global underwriting landscape, while at the same time opening new pathways to both source and evaluate risks.
“The Middle East is one of the most dynamic capital markets in the world, and this partnership is a key part of our long-term strategy,” said Dan Roberts, Co-Founder and CEO of OnRe. “Rhodium Re brings the underwriting expertise and regional access needed as we scale our global distribution.”
Rhodium Re’s position in Dubai offers clients with direct access to reinsurance opportunities across the Gulf Cooperation Council (GCC) markets, spanning the full reinsurance spectrum.
Together with OnRe, Rhodium Re will extend beyond the GCC markets to build a global Property and Specialty portfolio designed to bolster OnRe’s underwriting distribution and ultimately expand its premium flow.
The goal for the firms is to work together to develop a diversified underwriting portfolio that reflects evolving risk across both regional and international markets.
Tunde Olowofila, Senior Executive Officer at Rhodium Re, said: “Partnering with OnRe brings new capital strength and technical capability to the insurance value chain. Together, we are building a model that reflects where reinsurance is headed.”
