OnRe Finance has raised $5 million from Forward and RockawayX while Forward prepares up to $25 million in ONyc, scaling its Solana-based tokenized reinsurance with DeFi integrations.
OnRe Finance said it has completed a $5 million strategic funding round to accelerate the development of its tokenized reinsurance platform on Solana, with the raise co-led by Solana-focused treasury firm Forward Industries and multi-strategic digital asset firm RockawayX.
Forward and Rockaway back-on-chain reinsurance on Solana
According to GlobeNewswire’s announcement, the capital will focus on expanding OnRe’s underwriting programs, hiring and more deeply integrating its products into Solana’s DeFi stack.
Forward, listed on Nasdaq as FWDI, described the move as a “natural extension” of its Solana treasury strategy, which it said shifts from relying solely on yield deployment to adding “high-quality, real cash flows that are both complementary and uncorrelated.”
OnRe is licensed in Bermuda under both the Insurance Act and the Digital Asset Business Act, allowing it to accept digital assets as collateral for traditional reinsurance contracts and pass on proceeds from a diversified insurance portfolio to on-chain investors.
$25M ONyc implementation for tokenized reinsurance returns
Separately from the equity round, Forward said it “plans to invest up to $25 million in ONyc,” OnRe’s yield-bearing RWA token on Solana, which converts stablecoins into reinsurance collateral and pays returns from both reinsurance income and collateral returns.
ONyc pools are integrated with leading Solana DeFi locations and can be used as collateral for credit, lending, and looping strategies, allowing investors to effectively convert reinsurance-backed cash flows into compoundable on-chain capital.
Insurance industry coverage notes that OnRe has previously launched structured products such as the ONe token, which targeted returns north of 30% by combining reinsurance performance, collateral returns and token incentives, using the $750 billion global reinsurance market as a base.
RockawayX, an early Solana backer and investor in more than fifteen Solana ecosystem projects, has argued that OnRe’s model can generate “the same revenue from $10 million in TVL as a $500 million money market fund” because it stacks reinsurance premiums and collateral income in a capital-efficient manner.