Reinsurance is a relationship-driven market in which hundreds of billions of dollars of risk are transferred through private transactions rather than a public exchange. Brokers sit at the center of this, acting as a primary channel through which insurers bring treaty business to reinsurers, helping them identify appropriate markets, negotiate terms, and manage transactions after they are bound.

A broker's role continues after the deal is signed.

The matchmaking is the visible part. A broker knows the insurers in its market; it knows their books, their renewal calendars, and when a client needs capacity; and it recommends the counterparties it trusts.

But deal origination is only the start. The broker facilitates the deal from end to end, shaping the structure of the treaty, negotiating terms between the parties, and carrying the transaction through to binding. Once the treaty is bound, the broker services the contract for its entire duration. That means managing the technical accounting between the parties, reconciling the collateral and trust accounts that stand behind the contract, remitting premium to the reinsurer as it comes in, and moving claims between the parties when losses occur. A reinsurance contract can remain active for years, and the broker's role continues well after the contract is signed. For Re depositors, that means the contracts their capital backs are supported by established processes for moving premiums, documents, and claims between the insurer and Cover Re.

Access across global insurance markets.

The major brokers Cover Re works with have offices across global insurance hubs, from London to Bermuda to Singapore. Their local teams can help Cover Re access business in markets where it does not maintain its own presence.

As a result, Cover Re doesn't need its own office in a foreign market to do business there. A broker with a local team can reach those insurers on its behalf. And if Cover Re does want to move into a new region, that broker relationship provides a way in.

Brokers also bring local market knowledge. Every market has its own regulatory regime, conventions, and commercial culture. Working with a team that already understands those conditions can reduce the friction involved in entering a new market.

And every corner of the U.S. economy.

Within the United States, brokers connect Cover Re to insurers of many kinds, from large national carriers to regional and specialty companies.

The businesses themselves may never know that Re's capital stands behind their coverage. Reinsurance operates in the background, and the broker network is how it reaches them.

Brokers work in the other direction too.

So far we've described brokers bringing business to Cover Re. The same relationships can run the other way.

A reinsurer takes on risk from insurers. It can then buy reinsurance of its own on that risk, passing a portion of it to another reinsurer. That's called retrocession: reinsurance for reinsurers.

Reinsurers do this to protect themselves against concentration. If a reinsurer keeps writing similar contracts, it can end up holding too much of one kind of risk. That might mean heavy exposure to a single region, or to one type of event. A single bad year could then cause a serious financial loss. Passing part of that risk to another reinsurer can reduce the amount of exposure the original reinsurer retains, much as an insurer uses reinsurance in the first place.

If Cover Re chooses to buy retrocession, those same broker relationships can connect it with other reinsurers.

Why this matters for Re.

Re's mission is to make reinsurance transparent and accessible onchain. Depositors provide capital in stablecoins. Re publishes the information needed to verify how capital is held and deployed, rather than asking depositors to take it on trust. Onchain reserves are visible in real time. Data on capital held offchain as collateral against live treaties is independently attested and published onchain as well. And treaty-level data on Cover Re's portfolio is disclosed rather than kept opaque, as it would be in traditional reinsurance.

The reinsurance market itself remains private and relationship-driven. These contracts aren't bought on an open market; each is negotiated between an insurer and reinsurer, usually with a broker arranging the transaction. That's how Cover Re reaches this business, and those broker relationships matter to depositors in three ways.

For Re, the broker network is core infrastructure: it's how Cover Re reaches the market where depositor capital is actually put to work.