The third quarter of 2025 established Re as a leading onchain reinsurance protocol. With a 92% combined ratio, $168.8M in written premiums, and expanding multichain reach, we proved that onchain reinsurance can outperform legacy markets in reinsurance.
That performance showed reinsurance yield can be produced transparently, with underwriting discipline and at an institutional scale. Q3 was proof of performance. Q4 was proof of infrastructure shifting from validation to scale.
Across the final quarter of the year, Re strengthened its security posture, capital efficiency, and expanded institutional grade liquidity. Re also crossed major milestones in real world underwriting volume. More importantly, Q4 clarified what Re is becoming, not just a reinsurance protocol, but the infrastructure layer through which real world risk connects to global onchain capital. This quarter was about hardening the rails that make real world yield dependable, liquid, and composable across DeFi.
Security and Trust Infrastructure
As capital scales, trust becomes nonegotiable in reinsurance markets. Q4 focused on reinforcing the structural integrity of Re’s system and raising the standard for how onchain reinsurance verifies collateral and execution.
Re completed a Certora security audit, validating the protocol’s core logic and reinforcing confidence for institutional allocators operating at institutional scale. Re also integrated Chainlink Proof of Reserve, setting a new benchmark for real time collateral verification in onchain reinsurance. This integration supports continuous, trust minimized verification that collateral backing Re’s programs remains verifiable onchain, aligning transparency with the expectations of regulated financial infrastructure.
Re was also added to DeFi Llama, giving the broader community a transparent view into our growth and capital base across Ethereum, Avalanche, Base, and Arbitrum. Being tracked on DeFiLlama is a milestone, making key metrics like TVL and chain distribution easily comparable and verifiable for users and partners.
Together, these upgrades reinforced a core principle: every dollar backing Re’s insurance programs is transparent, verifiable, and onchain by design.
Liquidity and Capital Efficiency
Q4 also marked a major leap in how reinsurance backed yield can be accessed, traded, and deployed across DeFi.
Re rolled out instant redemptions, materially improving liquidity and user experience for reUSD holders. Secondary market depth was strengthened through expanded market-making partnerships, ensuring tighter spreads and deeper liquidity for institutional participants.
On Pendle, reUSD and reUSDe reached a major milestone surpassing $10M in liquidity. New Pendle pools launched with enhanced incentives, enabling users to access fixed or variable reinsurance yield while earning Re Points and ecosystem rewards. These markets make reinsurance yield not only investable, but programmable. With reUSD and reUSDe ranking among Pendle’s top new markets, reinsurance yield is treated as a first class DeFi primitive.
Re also expanded its lending footprint. reUSD went live as collateral across multiple isolated lending architectures such as Silo Finance, including integrations that mirror how diversified reinsurance pools manage risk: compartmentalized, contained, and capital efficient. Through these systems, users can borrow against reinsurance-backed yield while maintaining exposure to underwriting returns.
The result is a fully composable yield layer (tradable, borrowable, and liquid) without sacrificing risk discipline. Reinsurance yield is no longer static capital locked in legacy structures, it is dynamic and deployable across DeFi without compromising the fundamentals of risk management.
Real Capital, Real Risk
While DeFi markets fluctuate, the reinsurance market does not stop.
In Q4, Re authorized $134M in new reinsurance capacity heading into renewal season, reinforcing the protocol’s role as a reliable capital partner for U.S. insurance programs. By year end, Re had reviewed over $18.3B in reinsurance premiums, demonstrating both demand and underwriting discipline.
Re closed the year having secured $191.6M in total reinsurance premiums, including adding nearly $17M in new business deals. These are not theoretical yields or emissions driven incentives. They are actuarially priced, real world returns backed by centuries old insurance markets.
In 2025, Re acted as a true deal rainmaker, closing 16 reinsurance deals, an 80% increase over 2024. Eight new companies bought from Re during the year, a 14% uplift, showing that word is spreading beyond the early adopters. That demand translated directly into premium volume. Re supported $107.7 million in premiums in 2025, a 87% increase from 2024, bringing total premiums since inception to $191.6 million, up 128% year over year. Most importantly, Re is becoming a fan favorite with 83% of customers choosing to buy from Re again, a retention profile that underscores trust in the platform and the durability of its reinsurance relationships.This scale matters. Global reinsurance offers roughly $700B in uncorrelated, actuarially set returns, and Re is building the onchain rails to access that market transparently and efficiently.
How Re Generates Yield
Q4 also focused on education and narrative clarity.
Re published deeper explanations on where reinsurance yield comes from, why predictable frequency matters more than catastrophic severity, and how lines like workers’ compensation represent real people and real economic stakes. These insights reinforce Re’s underwriting philosophy of prioritizing predictable risk, disciplined pricing, and fully collateralized structures.
As part of this effort, Re clarified the distinction between reUSD and reUSDe, giving users clear, onchain access to reinsurance backed yield across different stablecoin rails.
By year-end, over $100M had been tokenized, with billions more in demand under evaluation.
Building on Stronger Financial Rails
Q4 unfolded alongside important regulatory developments in the U.S.
The passage of the GENIUS Act established clearer standards for payment stablecoins, tightening requirements around reserves, disclosures, and custody. While reUSD and reUSDe sit outside the Act’s scope, the legislation strengthens the quality of the stablecoin infrastructure that Re interacts with downstream.
Better rails matter. Higher baseline standards reduce systemic risk and improve capital efficiency for every protocol built on top of them. Re’s architecture is designed to benefit from stronger, more transparent financial plumbing, not depend on regulatory arbitrage.
Looking Ahead to 2026
Traditional reinsurance took a century to become a trillion-dollar market. Re is rebuilding that system in real time: open, programmable, and globally accessible. Q3 proved efficiency. Q4 delivered scale. 2026 will be about expansion.
With core infrastructure in place, Re enters the next phase focused on scaling access to real-world reinsurance markets while maintaining strict underwriting discipline. The priority is not speed for its own sake, but durable growth. This means deeper integration across DeFi, broader participation from institutional allocators, and continued expansion of real-world risk programs backed fully onchain.
In the year ahead, Re will continue to grow reinsurance capacity, expand multichain liquidity, and introduce new products that improve capital efficiency without compromising transparency. As demand for uncorrelated, real world yield increases, Re is positioned to serve as the connective layer between global insurance markets and decentralized capital.
Key Definitions
- reUSD — Re’s receipt token representing a claim on reinsurance-backed yield. Fully collateralized and redeemable for underlying assets plus accrued reinsurance alpha.
- reUSDe — A type of reUSD, dubbed as the performance token: it absorbs first‑loss risk across the reinsurance portfolio in exchange for a share of underwriting profits.
- Proof of Reserve — A method for verifying that assets backing a protocol are fully collateralized and verifiable onchain in real time.