Re is built to bring reinsurance risk onchain and connect it with capital in a transparent and disciplined way. The infrastructure behind Re has to meet the standards of traditional reinsurance markets. In this context, transparency is part of how the system works, adding the verification that blockchain makes possible. That is why Re engages independent firms to review key components of the protocol, and publishes those findings for anyone evaluating the platform.
Recently, The Network Firm, an independent accounting firm, completed Agreed-Upon Procedures (AUP) engagement covering Re’s assets and receivables. This report is one piece of a broader mission to make Re verifiable. For anyone considering capital allocation of capital to Re, this kind of external work helps address whether the infrastructure is being operated with the seriousness that real risk and capital require.
What is an Agreed-Upon Procedures Report?
An AUP engagement sits somewhere between internal reporting and a full audit opinion. The procedures are defined in advance, independently, and reported factually. In Re’s audit, the Network Firm was engaged under AICPA attestation standards to perform procedures over “in-scope assets.”
They documented exactly what they observed. This structure matters because it introduces discipline and repeatability. The report makes clear what was included, what was excluded, and the specific point in time to which the work applies. The procedures did not cover everything about Re’s business (such as the performance of reinsurance contracts or the full financial health of counterparties). For readers doing diligence, that level of clarity is useful. Rather than generalized assurances, the AUP framework gives you a concrete view into what was verified.
How The Network Firm Tested Re’s Capital & Receivables
In the audit, the Network Firm interacted directly with the systems where Re’s capital and contracts live, and from there independently verified what they found. On the traditional finance side, they obtained listings of in-scope assets from Re management and then watched management log into the relevant bank and brokerage accounts as of the snapshot time. They observed the balances held in those accounts and summed them by supporting asset.
For blockchain based assets, the procedures went deeper into onchain infrastructure. The Network Firm observed management access Fireblocks MPC wallets, reviewed the blockchain addresses controlled by those wallets, and then independently queried those addresses to determine the balances of specific assets such. They then pulled pricing data for each asset as of the same snapshot time and multiplied the onchain unit balances by those prices to calculate USD values. This resulted in a set of asset values that are grounded in independently observed onchain balances, not just internal reporting.
Re’s business also depends on executed reinsurance contracts and the premium receivables associated with them. They also compiled all of these components (traditional financial assets, blockchain based holdings, and gross premium receivables) into a single table of total supporting assets. The combined value of these assets supporting the Re Protocol was approximately $154.6 million at the time of review.
Why the Snapshot Approach Matters
A defining feature of the report is its focus on a specific snapshot in time: October 31, 2025. By anchoring all procedures to a precise moment, Re and its auditors enforce discipline around how assets and receivables are measured and reported. It creates an audit trail that can be compared over time as additional reports are issued. This approach also ensures that anyone reviewing the document understands exactly what period is covered.
For allocators and partners, this snapshot model supports repeatable verification. You are not being asked to trust vague oversight, but rather to evaluate discrete examinations that can be lined up and analyzed over time.
Who The Network Firm Is
The Network Firm is an independent accounting firm with a focus on digital assets and emerging financial infrastructure. An auditor that understands only one side of this equation (traditional financial accounts or blockchain systems) would miss important context. The Network Firm’s work spans both worlds, they are comfortable reconciling fiat balances in custodial accounts, onchain assets, and interpreting the structure of reinsurance contracts and premium flows. Their role with Re is to bring that interdisciplinary competence to bear on Re’s supporting assets. For anyone evaluating Re as a place to deploy capital, the choice of auditor is important. It suggests that Re is working with a firm capable of handling real capital, risk, and operational complexity.
Why Re Publishes Reports Like This
Re’s decision to publish independent AUP reports reflects a philosophy of, if capital is going to support real world insurance risk, it must be verifiable. The protocol is designed for allocators and partners who care about yield and about how that yield is produced, collateralized, and monitored over time.
These reports do not replace judgment, and they are not the only lens through which to view Re’s performance and risk. But they offer something rare in both traditional finance and crypto: a third party carefully describing what they did, what they saw, and what they calculated, tied to a concrete moment in time. For readers who are considering large deposits, that combination of transparency and discipline is an important metric.
Read the Full Report
If you are conducting deeper diligence on Re, the primary source material matters. The full report from the Network Firm will be available at: link.re.xyz/AUPReport
We invite you to read it in full, review the tables, note the procedures, and examine the scope and limitations firsthand. This summary is meant to make the report more accessible. The goal is that, after reviewing both, you come away with a clear sense that Re’s approach to capital, risk, and verification.