OnRe expands its presence in the Middle East with a $150M delegation to the Dubai general management agency

Source: Yellow Original Title: OnRe expands its presence in the Middle East with a $150M delegation to Dubai’s general managing agency

Original Link: The Bermuda-based tokenized reinsurance company OnRe announced that it delegated $150 million to Rhodium Re, a general managing agency based in Dubai, marking the company’s strategic push into the Middle Eastern reinsurance markets.

The partnership aims to connect OnRe’s tokenized capital base with underwriting opportunities in Gulf Cooperation Council countries, including the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, and Oman.

OnRe operates through ONyc, a yield-generating token targeting an annual return of 16% derived from reinsurance performance and collateral assets.

What happened

Rhodium Re is regulated by the Dubai Financial Services Authority and is headquartered in the Dubai International Financial Centre, providing OnRe with regional underwriting experience and established relationships with insurers in the GCC markets.

The MGA will manage facultative, treaty, and retrocession reinsurance placements, expanding its activity beyond regional business to build a global portfolio of property and special risks for OnRe’s distribution network.

Dan Roberts, co-founder and CEO of OnRe, stated that the Middle East is a priority growth market due to its economic dynamism and pragmatic regulatory frameworks that create opportunities for reinsurance companies with global capital capabilities.

Tunde Olowofila, senior CEO of Rhodium Re, described the partnership as a way to bring capital strength and technical capacity to the insurance value chain.

Context of tokenized reinsurance

OnRe is an authorized collateralized reinsurance company connecting alternative capital with the global $800 billion property and casualty reinsurance market via blockchain infrastructure on Solana.

The company recently appointed Apex Group as an independent attestation provider for the monthly net asset value of ONyc and treasury balances maintained in both traditional financial accounts and on-chain infrastructure.

Alternative reinsurance capital reached approximately $121 billion as of June 2025, according to Moody’s, with catastrophe bonds accounting for around 45% of that total.

OnRe developed ONyc in collaboration with Ethena, Solana Ventures, and RockawayX, offering stablecoin holders exposure to reinsurance premiums and collateral yields independent of cryptocurrency market cycles.