OnRe Finance raised $5M from Forward and RockawayX as Forward prepares up to $25M into ONyc, scaling Solana-based, tokenized reinsurance with DeFi integrations.
Summary
- OnRe Finance, a regulated on-chain reinsurance firm built on Solana, has completed a $5 million funding round co-led by Forward Industries and RockawayX.
- Forward plans to deploy up to $25 million into OnRe’s ONyc token, a yield-bearing Solana asset that gives holders exposure to tokenized reinsurance returns.
- Proceeds will be used to scale OnRe’s Solana-based reinsurance pools, expand underwriting capacity, and deepen integrations with DeFi protocols across the ecosystem.
OnRe Finance said it has closed a $5 million strategic funding round to accelerate development of its tokenized reinsurance platform on Solana, with the raise co-led by Solana-focused treasury company Forward Industries and multi-strategy digital asset firm RockawayX.
Forward and Rockaway back on-chain reinsurance on Solana
According to the GlobeNewswire announcement, the capital will go toward expanding OnRe’s underwriting programs, hiring, and integrating its products more deeply 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 says is shifting from relying solely on staking yield to adding “high-quality, real-world 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 to pass through returns from a diversified book of underwriting risk to on-chain investors.
$25M ONyc deployment for tokenized reinsurance yield
Separately from the equity round, Forward said it “intends to deploy up to $25 million into ONyc,” OnRe’s yield-bearing RWA token on Solana, which turns stablecoins into reinsurance collateral and pays out returns from both reinsurance income and collateral yield.
ONyc pools are integrated with leading Solana DeFi venues and can be used as collateral for lending, borrowing, and looping strategies, effectively letting investors turn reinsurance-backed cash flows into composable on-chain capital.
Insurance industry coverage notes that OnRe has previously launched structured products like the ONe token, which targeted projected returns north of 30% by combining reinsurance performance, collateral yields, and token incentives, leveraging the $750 billion global reinsurance market as a base.
RockawayX, an early Solana backer and investor in more than 15 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 reinsurance premiums and collateral income stack in a capital-efficient way.
