Re has evaluated 187 potential reinsurance programs representing more than $18.3 billion in premiums so far this year. That figure continues to grow as insurers explore additional sources of reinsurance capacity that are fully collateralized and easier to assess from a risk and transparency perspective.
Insurers and reinsurers are paying closer attention to counterparty strength, concentration risk, and capital efficiency. These conditions have led some market participants to look beyond traditional structures and consider approaches that complement reinsurance relationships. Onchain reinsurance is one such approach, offering clearer visibility into collateral and more standardized processes for capital deployment.
A Growing Pipeline
Reviewing more than $18.3 billion in premiums in a single year indicates that a wide range of insurers are willing to submit programs and explore onchain structures as part of their broader reinsurance strategies. These submissions span different risk types and structures, giving Re a broad view of market demand. It shows that insurers are testing new capacity options that can complement traditional reinsurance relationships.
For depositors, the pipeline gives insight into the opportunity set. It provides a practical view into deal flow and platform momentum, including the range and diversity of submissions coming through the underwriting process. At the same time, evaluated premiums should not be confused with written premiums. The pipeline represents potential, not guaranteed deployment, therefore selectivity is key to Re’s model. The pipeline volume is evidence of market interest and optionality. Re’s underwriting strategy determines what gets written and how risk is managed over time.
Institutional Processes
Handling this level of deal flow requires repeatable underwriting processes, clear evaluation criteria, and the ability to review programs efficiently and consistently. Re has focused on building these capabilities early, allowing it to assess a large number of submissions without lowering standards. This focus supports a more predictable decision making cadence and helps ensure that programs are evaluated across different market conditions.
Each program that reaches the platform is reviewed for underwriting quality, historical performance, risk structure, and alignment with Re’s portfolio. Programs are also assessed in the context of existing exposures to avoid excessive concentration. This approach allows us to maintain a balanced portfolio over time. It also helps us prioritize portfolio resilience by emphasizing diversification across counterparties and structures.
Re’s Selectivity
A defining feature of Re’s approach is that only a portion of evaluated programs is written. This selectivity is deliberate. In reinsurance, long term outcomes depend on risk selection and portfolio construction. Writing more risk is not inherently better if it introduces imbalance or weakens underwriting quality. Selectivity help us protect depositor capital by limiting exposure to programs that do not meet risk and structure expectations, despite headline premium volume.
Re’s underwriting framework is designed to support measured growth. By filtering programs through consistent criteria, the platform can scale evaluation activity without compromising its standards. It also supports greater consistency in how risk is priced and allocated, which is particularly important when market conditions shift and underwriting discipline becomes the primary driver of performance.
Capital-Gated Growth
The current pipeline also highlights an important dynamic. The supply of potential deals is not the limiting factor. Re has already reviewed more programs than it can support with existing deposits. Therefore, growth on the platform is capital-gated. As deposits increase, Re can allocate to a larger share of the pipeline and convert more evaluated demand into deployed reinsurance capacity. This creates a straightforward scaling path, without changing the underwriting bar.
This structure aligns growth with available collateral and helps maintain underwriting discipline as the platform scales. It also provides a clearer connection between depositor participation and platform expansion, rather than relying on rapid changes in risk appetite. Over time, this design supports steadier growth and clearer capacity planning for insurers, since capital availability is visible and fully collateralized by design.
Insurers are engaging with Re because of its collateralized design and underwriting approach. Full collateralization reduces counterparty risk and gives better insight into how capital is managed. For some insurers, this makes onchain reinsurance a useful complement to traditional programs. Depositors also benefit from the same framework. Yield is generated from diversified insurance risk that has been reviewed through a consistent underwriting process.