OnRe, a global property and specialty reinsurer tokenised with ONyc, has announced a strategic partnership with Rhodium Re, a Dubai-based managing general agent (MGA), to expand global underwriting distribution for ONyc.
ONyc is an onchain yield-bearing asset that represents a proportional share of a regulated segregated account used for underwriting short-duration insurance and reinsurance contracts.
The partnership brings together OnRe’s capital base and Rhodium’s established underwriting presence, creating one of the first MGA-led channels that connects regulated alternative capital with global underwriting sourced through the Middle East, OnRe said in a statement.
Strengthening OnRe’s global underwriting pipeline
OnRe provides liquid access to reinsurance performance through ONyc, a yield-bearing real-world asset (RWA) that targets a 16% base return across market cycles. As the firm grows its capital engine, expanding underwriting depth and distribution remains central to its long-term growth.
Through Rhodium Re, OnRe gains direct access to underwriting expertise, established carrier relationships, and a scalable distribution presence. This supports OnRe’s integration into the global underwriting landscape while opening new pathways to source and evaluate risks.
Focused expansion strategy for the Middle East
The MENA region has become a priority growth market for OnRe. Strong economic momentum, practical regulatory frameworks, and a maturing insurance sector have created a clear opportunity for reinsurers that combine disciplined underwriting with global capital capabilities. Dubai’s role as a regional financial hub made Rhodium Re a natural partner for establishing a long-term presence across the Gulf.
“The Middle East is one of the most dynamic capital markets in the world, and this partnership is a key part of our long-term strategy,” said OnRe’s Co-Founder and CEO Dan Roberts. “Rhodium Re brings the underwriting expertise and regional access needed as we scale our global distribution.”
“Partnering with OnRe brings new capital strength and technical capability to the insurance value chain,” said Rhodium Re’s Senior Executive Officer Tunde Olowofila. “Together, we are building a model that reflects where reinsurance is headed.”
Building a diversified underwriting portfolio
Rhodium Re is based in the DIFC and regulated by the DFSA. Its position in Dubai provides direct access to reinsurance opportunities across the Gulf Cooperation Council (GCC) markets, including the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain and Oman. This reach spans the full reinsurance spectrum – facultative, treaty, and retro – enabling Rhodium Re to source a wide range of regional risks.
In partnership with OnRe, Rhodium Re will extend beyond the GCC to build a global Property and Specialty portfolio designed to strengthen OnRe’s underwriting distribution and expand its premium flow. Together, the firms will develop a diversified underwriting portfolio that reflects evolving risk across both regional and international markets.