OnRe, a global property and specialty reinsurer tokenized in ONyc, has partnered with Dubai-based managing general agent Rhodium Re to combine its capital base with Rhodium’s underwriting operations, providing OnRe with direct access to underwriting expertise, carrier relationships, and the ability to build a scalable distribution presence.
OnRe, a fully licensed mortgage reinsurer and on-chain asset manager, has authorized $150 million to Rhodium Re to expand global underwriting distribution for tokenized reinsurance vehicle ONyc.
The partnership creates a new MGA-led channel designed to connect regulated alternative capital with global underwriting from the Middle East.
ONyc is described as an income-generating real-life asset that targets a base return of 16% across market cycles, and OnRe provides liquid access to reinsurance performance.
The company said expanding underwriting depth and distribution remains core to its long-term growth, and its partnership with DIFC-based and DFSA-regulated Rhodium Re supports its integration into the global underwriting landscape while opening up new ways to find and assess risks.
“The Middle East is one of the most dynamic capital markets in the world and this partnership is a key component of our long-term strategy,” said OnRe co-founder and CEO Dan Roberts. “Rhodium Reinsurance brings the underwriting expertise and regional access needed as we expand our global distribution.”
Rhodium Re’s presence in Dubai provides clients with direct access to reinsurance opportunities in the Gulf Cooperation Council (GCC) market, covering the entire reinsurance spectrum.
Rhodium Re will work with OnRe to expand beyond the GCC markets and build a global property and specialty investment portfolio aimed at strengthening OnRe’s underwriting distribution and ultimately expanding its premium flows.
The two companies aim to jointly develop a diversified underwriting portfolio that reflects the evolving risks of regional and international markets.
Rhodium Re Senior Executive Officer Tunde Olowofila said: “Partnering with OnRe brings new capital strength and technological capabilities to the insurance value chain. Together we are building a model that reflects the direction reinsurance is heading.”
