’s third quarter of 2025 marks a defining milestone in our mission to bridge decentralized finance with real-world insurance markets, creating transparent, efficient pathways for capital to flow where it’s needed most.
Throughout the quarter, Re expanded rapidly: launching on new chains, forging strategic partnerships, and demonstrating what efficient reinsurance looks like in the digital age. Our results prove that onchain insurance isn’t just possible, it’s superior.
Q3 Performance: Efficiency at Scale
In a $1 trillion global reinsurance market, performance is measured by one critical benchmark: the combined ratio.
100% = break-even
Over 100% = losing money
Under 100% = profit
Most traditional reinsurers hover near 100%, fighting to stay profitable in an industry plagued by inefficiency and opacity.
Re’s Q3 combined ratio: 92%
This isn’t luck. It’s what happens when you remove legacy infrastructure, embrace transparency, and build onchain from the ground up. Every percentage point below 100% represents real profit. At 92%, Re is redefining what efficient reinsurance looks like.
Our total value locked surpassed $168.8 million in written premiums, reflecting growing trust from institutional and DeFi-native capital seeking uncorrelated, real-world yield. This capital backs fully collateralized U.S. insurance programs across low-volatility lines including homeowners, auto, and workers’ compensation, delivering sustainable returns while maintaining strict risk discipline.
Expanding the Infrastructure Layer
Q3 was transformative for Re’s multichain expansion. We didn’t just add new integrations, we built the foundation for reinsurance capital to flow seamlessly across the entire DeFi ecosystem.
1) Pendle Integration
Re launched on Pendle, unlocking yield-splitting capabilities for reUSD holders. The Pendle integration allows users separate and trade the principal and yield components of their reinsurance-backed positions, creating new primitives for fixed-income strategies in DeFi.
2) Re Live on Avalanche
Re went live on Avalanche, tapping into one of the fastest-growing ecosystems for institutional DeFi. This expansion brought Re’s reinsurance yield to Avalanche’s robust community of DAOs, treasuries, and sophisticated allocators.
3) Re Live on Base
Re deployed on Base, Coinbase’s Layer 2 network, connecting our protocol to millions of users through one of crypto’s most accessible onramps. Base’s low fees and seamless UX make it an ideal venue for mainstream adoption of reinsurance-backed yield.
4) Re Supports USDe & sUSDe on Avalanche
In partnership with Ethena, Re enabled direct deposits of USDe and USDe on Avalanche, allowing users to stack Ethena’s synthetic dollar yield with Re’s reinsurance alpha. This creates compounding return streams from multiple uncorrelated sources.
Strategic Partnerships: Composing the Future
Re’s power multiplies through integration. Each partnership we forge strengthens the entire protocol, creating compounding network effects across DeFi.
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1) Ethena’s Synthetic Dollar Meets Reinsurance Yield
Our partnership with Ethena brought together two of DeFi’s most innovative yield sources. Users can now deposit reUSD and reUSDe into Re, combining Ethena’s delta-neutral yield with Re’s reinsurance underwriting returns. This integration represents a new paradigm: stacking uncorrelated yield streams to maximize risk-adjusted returns.
2) Re’s Morpho Lending Integration
The Morpho integration created a bridge between DeFi lending markets and real-world reinsurance. Through Morpho’s permissionless lending infrastructure, Re’s reUSD can serve as collateral across a vast network of isolated lending pools, unlocking capital efficiency while maintaining exposure to reinsurance yield.
3) Institutional-Grade Liquidity with Blackhole
Our partnership with Blackhole brought sophisticated market-making infrastructure to reUSD, ensuring deep liquidity and tight spreads for institutional participants. This integration is critical for scaling — institutions demand liquidity, and Blackhole delivers it.
4) Xsy & Infinfi Expand Re’s Yield Ecosystem
Our partnership with Xsy and Infinfi extended Re’s reach into specialized yield optimization and cross-chain liquidity protocols. These integrations enable more sophisticated capital strategies, allowing users to programmatically route between Re’s reinsurance yield and other DeFi primitives based on risk-return profiles.
5) Re Points Go Live & Points Pools
July marked the launch of Re Points, our incentive system designed to reward early participants who provide capital during Re’s growth phase. Points accrue based on deposit size and duration, ensuring that early commitment compounds into outsized long-term benefits. In September, we expanded the system with dedicated Points Pools — targeted incentives for specific strategies and partnerships. These pools direct capital toward high priority integrations while giving users more optionality in how they earn rewards.
The philosophy is simple: early risk-takers who commit long-term capital should benefit most from protocol growth. Re Points create sustainable, alignment-driven incentives that extend far beyond short-term farming.
Building for the Next Era of Finance
Re’s Q3 results reflect more than just operational execution, they demonstrate a fundamental shift in how reinsurance capital can function. Traditional reinsurance operates in black boxes: opaque pricing, delayed settlements, unclear capital deployment. Re inverts this model entirely. Every dollar is onchain. Every transaction is transparent. Every policy is fully collateralized.
This isn’t just better technology, it’s better finance. We’re building infrastructure that connects three critical elements:
- Institutional capital seeking stable, uncorrelated returns
- Real-world reinsurance risk that needs efficient capital deployment
- DeFi composability that enables infinite innovation on top of our base layer
The result is a protocol that delivers real yield from real economic activity, fully transparent and accessible to anyone, anywhere.
Looking Ahead
Q3 established Re’s position as the leading onchain reinsurance protocol. Our 92% combined ratio proves that efficiency and transparency create alpha. Our $168.8M in written premiums proves that capital recognizes superior risk-adjusted returns. Our expanding partnership ecosystem proves that composability wins. But this is just the foundation.
We’re not building a better reinsurance company, we’re building the infrastructure layer that connects all risk to all capital, onchain and globally accessible. A system where reinsurance capital flows as freely as any other DeFi asset. Where yield comes from real economic activity, not token emissions. Where transparency is default, not optional.
The next quarter will see continued expansion across chains, deeper integrations with DeFi’s leading protocols, and new products that push the boundaries of what’s possible when you connect real world risk to decentralized capital. Traditional reinsurance took a century to build a trillion-dollar market. We’re rebuilding it in real-time, onchain, and in the open.
Key Metrics Definitions
- Combined Ratio: The sum of loss ratio (claims paid / premiums earned) and expense ratio (operating expenses / premiums earned). A combined ratio under 100% indicates underwriting profit.
- Total Value Locked (TVL): The aggregate value of capital deployed through Re’s protocol to back insurance programs, expressed in USD terms.
- reUSD: Re’s receipt token representing a claim on reinsurance-backed yield. Fully collateralized and redeemable for underlying assets plus accrued reinsurance alpha.