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ItsMeJon 🌎
355 posts
ItsMeJon 🌎
@ContraryActuary
protecting the world with internet money @re | knee deep in my napalm era
Katılım Şubat 2025
71 Takip Edilen979 Takipçiler
Publishing audited financials is something I take tremendous pride in. And I'm personally involved in every step. It's more than paperwork, it's proof of the financial viability and going concern of what we're building. The momentum is real. The results are real. Now, the credibility is real too.
Re@re
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The company that moves a mountain begins by carrying away small stones.
Re@re
NEW: first whole account treaty closed. Instead of backing risks one program at a time, we took a share of a partner's entire portfolio in a single deal. The result is broad diversification from multiple programs and scale from a single transaction. Across the portfolio, as of July 6, 2026: → $511.7M bound premium → 21 companies (+1 new cedent) → 72 programs (+1 new program) → 59 treaties
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@CosmicDude3000 @re Commercial Liability, Auto, Workers' Comp, Property, Homeowners, Professional Liability, Specialty ... and we insulate ourselves from catastrophe exposure
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JUST IN: New reinsurance deal is live.
Now $431.1M premiums written inception to date (as of June 2026).
Cover Re is helping insurers protect more of the businesses that keep the country moving: vehicle operators, contractors, and hospitality businesses.
What that looks like:
- 20 companies (+1 newly added)
- 30 programs (+2 newly added)
- 56 treaties
Real businesses. Real risk. Onchain.
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It's less dependent on geography but Hawaii has a more isolated insurance ecosystem. They tend to have on island agents who only do island business. Therefore the insurance companies in Hawaii tend to focus on Hawaii business. We don't (yet) reinsure them.
Alaska is extremely remote. Claims in Alaska require deep expertise. Companies don't generally write in Alaska unless they're also very familiar with the local community.
As a reinsurer we will explore every opportunity that crosses our desk to partner with profitable insurance companies and teams. We hope to encounter some Hawaiian and Alaskan opportunities soon!
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@ContraryActuary @re Huh I wonder why that correlates with non-continental states. I would imagine the re-insurance industry isn't too dependant on geography. Besides things like hurricane/fire zones.
Almost feel like it would make more sense for the 2 states to be Florida and California
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@0x_carson @re Not excluded. There are typically niche operators in those states, we haven't come across a reinsurance opportunity with them yet.
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it's still difficult to wrap my head around how monumental this is
can't stop won't stop
Re@re
$100M is currently in transit from our liquid backing to our supporting reinsurance company. Funds are to be routed safely into trust to back diversified insurance business. Dashboards will temporarily show a dip. This will be reflected as off-chain capital shortly. This is a unique moment in reinsurance history, and the first event of its kind at this scale.
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ItsMeJon 🌎 retweetledi
New reUSD vaults are now live on Ethereum. 🌊
@re just found its best home: deep liquidity, best borrowing conditions, and Smart Liquidity architecture working for every depositor.
Fluid 🌊@0xfluid
re 👀 🌊
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@D2_Finance @0xWismerhill @smykjain @grok Put 5m down. Listen to us talk all day about how we don't write weather or quake unlike our onchain contemporaries. Put another 50m down. Tell your grandchildren about how their grandchildren are set for life.
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Amen 🙏
Fully aligned on that. We will keep an eye on it; we might allocate some capital to RWA products in the future once we see the adoption post-TGE. It definitely seems more interesting than most things I’ve seen in the RWA space: which honestly should just be renamed 'TradFi looking for exit liquidity' in most cases! 🤣
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It's been a long time, old friends. Mostly because there was no alpha to share, or only cap-restrained alpha. But today, there is ALPHA.
Introducing reUSD positive carry + TGE upside.
reUSD has just been added as collateral on Fluid. And it's magnificent.
Fluid is the first of many lending protocols that will allow you to borrow against reUSD at market borrow rate. Until now, it was only available on Morpho where predatory curators maintained the borrowing rate near reUSD yield level. Now, you can fully enjoy reUSD positive carry by borrowing USDT and USDC at market (Aave/Fluid) rate. I've heard from reliable sources that it will soon be listed on many other lending venues, with more cheap borrowing. APR goes brrrr.
What's reUSD? Ask your AI docs.re.xyz/insurance-capi….
Why I like it:
1) Low backing risk: minted capital sits idle in sUSDe, they keep some reserves in USDC for instant redemptions
2) It's a senior tranche to a mezzanine and junior - junior: $73M, mezzanine (reUSDe): $13M, senior (reUSD): $136M; Re reinsures low volatility insurance portfolios, not catastrophies
3) Yield is above market rate: sUSDe + 2.5%
4) Not another RWA loanbook scam
5) Profitable protocol
6) TGE!!!
Re currently runs a pre-TGE points campaign. I think it's very well worth participating. It's the icing on the cake. You can enjoy positive carry and upside from its upcoming TGE. In my opinion, it's one of the rare TGEs that can do well regardless of the market conditions, because it doesn't care about them: it's tradfi doing an IPO on-chain.
To give you some comparables:
> High-growth AI insurance platforms are valued 8-15x written premium
> Insurtech platforms are valued 5-10x written premium
With $337M written premium in force, Re would be valued between $1.6B and $5B.
Caveat: the protocol doesn't earn 100% of the revenue like a reinsurer, because this revenue goes to the reinsurance business while Re protocol is the layer that connects capital to reinsurers. So you need (and I too) to temper your expectations. Nonetheless, it's valuable, and I will keep digging for comparables.
They still have some work to do to make this easier to digest for the common mortals:
1) Better reinsurance book transparency - historic performance, schedules, etc.
2) Clearer debt tranching and capital exposure risk - especially for the junior tranche that sits off-chain and is mostly team-owned
3) Tokenomics and protocol's reinsurance premiums revenue-share in due time
Bullish. Send it.
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@D2_Finance @0xWismerhill @smykjain @grok Yup ymmv and looping is not for everyone. Not all 20%+ APR is created equal.
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Yeah as standalone product seems fine RWAs ( especially compare what we have seen 🤣), and the straight yield might be attractive if you believe the <1% risk estimate (which is possibly accurate).
However, looping introduces path dependency for a tail risk that can’t really be modeled just by looking at the documentation.
We know all CT are all users reinsurance experts (which we aren't) but converting a variable rate to a fixed rate without sufficient liquidity has ended poorly in many cases aside underlying is super liquid.
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Yes the underlying reinsurance carries risk. But it's not transient hype, it's a permanent going concern producing profits.
The business operates on 5x leverage. Each dollar of reUSD supports 5 dollars of reinsurance premium. That means the ~650 yield on reUSD is supported by 130 bps of margin on the reinsurance business. Re's reinsurance business produces 12 dollars of margin per 100 dollars of premium.
The RWA class tokens all carry some form of asset or operating risk. reUSD is no exception. But reUSD is senior to other capital in the reinsurance company and supports low volatility insurance business. Likelihood of capital impairment models out to be < 1%.
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@0xWismerhill @smykjain @grok @grok sounds clear that reinsurance carries variable risk.
You can’t truly promise a fixed spread unless there’s a mechanism we’re missing that accounts for every scenario.
Therefore, it isn't ideal for looping; the 'unknown unknown' risk seems high.
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We primarily write quota share reinsurance (think of it as a pro rata slice of an insurance company's income statement). Notional insured values can be multiples of premium, but since we reinsure the entire insurer and not just their large claims, the appropriate measure is combined ratio because of the law of large numbers.
Our combined ratio is 92% on our entire portfolio. This means $8 of profit remains on every $100 of premium after claims and expenses are paid. There is uncertainty in this estimate, but the volatility around this estimate is low. Far lower compared to reinsuring earthquakes and hurricanes.
This estimate is also corroborated by our insurance company customers and auditors.
These are good questions and we're planning for future disclosures around our estimates and third party views of our book. Stay tuned!
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@karnsaroya Thank you for addressing this, you could have easily ignored my question.
Is there a way to see the notional value insured vs. premium written? It has been hard to assess the risk of entering reUSD without knowing what potential claims are vs. current premium written.
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Yields fueled by a business that is not impacted by crypto fervor. LARPing as a crypto day trader is fun until it's not, put some @re in your portfolio so you can sleep a little easier at night.
Carson@0x_carson
If you want to actually diversify your portfolio with HIGH stablecoin yields read this post. I have recently got excited about a new protocol to ape into. And it's not for the reasons you might think. @re is a re-insurance RWA protocol. You can read into what re-insurance is on your own time. But if you deposit into their reUSDe asset, you money goes into real financial companies providing a real financial service, and you get back the returns. This service is a type of insurance (insuring insurance companies). What you really want to hear is that this yields 12% + points. And on Pendle? Forgetaboutit. You're earning nearly 20% by LPing. But if it's not just the yield I'm excited about with @re then what is it? Well there's a concept in Modern Portfolio Theory that the way to optimally diversify a portfolio is not just to invest in lower risk assets. But to invest in un-coorelated assets. If you diversify your BTC portfolio by investing into something like Ethena, which makes it's money trading BTC basis trades, are you really diversified away from BTC? No. You're just earning less risk/reward. But reUSDe spiked my interest because unlike most things in crypto it doesn't just trace back to BTC. Hurricanes don't care about BTC price and that's the kind of stuff that re-insurance moves on. Look at this chart: You can see that Ethena's sUSDe is still correlated 40% to BTC movement. While reUSDe is hardly correlated at all! This is real de-risking. Because this means it's much more likely that if your BTC or sUSDe is down, your reUSDe isn't down for the same reasons. This means that you can get double digit stablecoin yield while also actually managing risk like a real portfolio manager! Note this is not financial advice. I vibe coded that chart with data Claude looked up; if you trade based off of what I say you are a silly goose. Also @re please sponsor me.
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This is not entirely fair to mutuals. Carrier pigeons are an extremely reliable method for First Notice Of Loss.
Hedge Quote@hedgequote
Bro is describing mutual insurance companies in the US.
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@kenodnb @_SmokinTed @re we work with major fronts and insurers! info is public in US P&C Annual Statement schedule F filings but happy to share in greater detail
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@_SmokinTed @re They don’t publish specific insurer names.
Capital is deployed across licensed U.S. insurance programs by sector like homeowners, commercial auto, workers comp, etc... via regulated trusts and surplus notes.
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Reinsurance is a multi-trillion-dollar market that has paid steady cash for decades.
Now you can earn those returns onchain.
@re has the product that every yield farmer will love.
Everything you need to know about Re Protocol and its double-digit, DeFi composable yields.
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@ContraryActuary @st3phdoteth You want to see what I imagine you to be in my head?😅
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I tuned in to watch @therollupco interview with @karnsaroya the co-founder of @re
I realised that the karn in my head wasn't the karn I saw so I brought to life the karn
Sincerely apology for this a pure intent to make karn loay I have always imagined 🥹🫶
gRe family 💜
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@ContraryActuary Trust it was a blast
Which of them is you?
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Who wants to know what @st3phdoteth and @ContraryActuary looks like in my head? 😅🤣
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YT-reUSDe market on @pendle_fi offering 30x @re pts, 5x ethena SATS
Do PT with a fixed 13.56% APY, plus loopable on @Morpho
APE it before it's gone.
$PENDLE
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