Performance Update: May 2026
TVL is reaching $500 million, the underwriting portfolio reaches $409 million across 48 programs and 49 U.S. states, and the re Token Generation Event is coming soon.
Approaching $500M,
A New Era Begins
TVL crosses $490 million, the underwriting portfolio reaches $409 million across 48 programs and 49 U.S. states, and the re Token Generation Event is coming soon.
All figures reflect the May 31, 2026 reporting snapshot unless otherwise noted. Past performance is not a reliable indicator of future results.
Capital Position
& Liquidity
As of May 2026, the capital base reflects continued growth and normalization across both onchain and offchain components following the April transition period when $100 million was routed into Cover Re SPC.
- $104.84M onchain — supporting Re-backed underwriting structures, representing 21% of total assets and 37% of the total capital base supporting active underwriting. Increased by $21.38M from April.
- $177.41M offchain — maintained as reserves within regulated insurance entities, accounting for 36% of total assets and 63% of the total capital base. Held steady relative to April.
- $207.87M premium receivable — contracted written premium on policies bound as of May 31, 2026, representing 43% of total assets. Actual receipts may vary based on policy performance, cessions, and other factors.
Together, the capital base now stands at approximately $282 million supporting $207.87 million in premium receivable. Onchain capital now represents a larger share of the capital base than in April, reflecting renewed inflows into reUSD and reUSDe alongside sustained offchain deployment.
Diversified Across
Five Lines of Business
Throughout May 2026, capital was deployed across a diversified set of low-volatility, short-duration insurance programs structured around disciplined risk selection and underwriting margin generation, subject to loss experience and market conditions.
As reflected in the Insurance Strategy Breakdown, the $409 million underwriting portfolio remains diversified across multiple complementary lines of business. Total portfolio premium increased by $51 million from April, driven by continued treaty deployment and capital allocation into underwriting programs.
Portfolio Controls
& Exposure Monitoring
Re continues to actively manage portfolio exposure across lines of business, geography, duration, and counterparty concentration. With TVL crossing $490 million and the underwriting portfolio reaching $409 million across 48 insurance programs and 49 U.S. states, disciplined exposure monitoring remains central to the platform's operating framework.
Underwriting pacing remains governed by risk-adjusted return targets and concentration controls across all lines of business.
Commercial Auto expanded from 28% to 35% of the portfolio, reflecting increased deployment into a line with strong historical loss performance. Workers' Compensation declined from 18% to 15%, consistent with portfolio concentration controls.
Where concentration, market conditions, or asymmetric risk warrants it, underwriting activity may be paused or rebalanced without affecting contractual obligations.
reUSD & reUSDe
Performance Context
reUSD is designed to reflect a fixed spread generated by underwriting margins on regulated insurance. However, while the goal is to maintain a fixed spread, the spread can increase or decrease. As reflected in the dashboard, reUSD and reUSDe have shown measured performance during the reporting period, reflecting the gradual deployment of capital into regulated underwriting activity. Past performance is not a reliable indicator of future results.
- reUSD onchain capital reached $189.24 million (49.0% of total allocation), growing by $21.16 million month-over-month, reflecting ongoing inflows into the protocol's primary insurance-backed instrument.
- reUSDe onchain capital stood at $19.62 million (5.1%), reflecting continued growth of Re's insurance exposure vehicle.
- Offchain USD totaled $177.41 million (45.9%), reflecting sustained deployment into regulated structures supporting active reinsurance contracts.
Relative to April, total deposits across reUSD and reUSDe increased to $208.86 million — up from $186.6 million — indicating continued and growing demand for both instruments.
Reporting
Infrastructure
Re continues to invest in institutional-grade reporting infrastructure to improve visibility into capital deployment, portfolio composition, and risk exposure. A public dashboard combines onchain records to support monitoring and verification.
Total Value Locked increased by $15 million to $490.12 million — crossing $490 million for the first time. Onchain capital grew meaningfully from $83.46M to $104.84M, reflecting continued capital inflows into the protocol. Premium receivables declined modestly from $215.14M to $207.87M, reflecting normal variation in contracted premium timing across the portfolio.
Industry Landscape,
Mid-2026
The global reinsurance market writes over $232 billion in premium per year, and the conditions defining that market through 2026 remain consistent: abundant capital, rising competition, and a clear shift from pricing-driven returns to more execution-driven performance. Differentiation is now driven by discipline and risk selection rather than access alone.
Global reinsurance capital reached a record $785 billion at the April 2026 renewals. Risk-adjusted global property-catastrophe rates declined by an average of 14.7% at the January 2026 renewals — the largest annual decrease since 2014 — and that softening has continued into Q2. Casualty lines have remained comparatively stable, renewing at flat to low single-digit rate changes, consistent with Re's portfolio orientation toward Commercial Auto and Workers' Compensation.
The ILS market is not just large — it is still growing. Catastrophe bond issuance reached $6.7 billion in Q1 2026, the second most active first quarter on record, with the outstanding market ending March at a new high of $63.9 billion. Settled issuance surpassed $10 billion by mid-May 2026, keeping pace with 2025's record trajectory. The broader ILS market now stands at $120 billion in total capacity.
To contextualize Re's trajectory: the largest incumbents operate at significant scale — Munich Re at $44.6B, Swiss Re at $43.2B, Hannover Re at $28.3B, and Berkshire Hathaway Re at $20.6B. Three years in, Re has supported $340 million in premium. The market writes more in two days than Re has in three years. That is not a problem. That is the runway.
What's Next
May 2026 marks a new chapter for Re. TVL is approaching $500 million, the underwriting portfolio has grown to $409 million across 48 programs and 49 U.S. states, and the protocol has now distributed $5.4 million+ in yield to participants, with approximately 4,000 active onchain users as of month end.
In this environment, Re remains focused on disciplined capital deployment, selective underwriting, and portfolio diversification, while continuing to invest in the transparency and reporting infrastructure that underpins the platform.
We will continue to keep you updated as material developments occur.
— Re Management Team
Explore the
Platform
View real-time capital deployment, portfolio composition, and risk exposure on the Re dashboard.
View Dashboard →Disclosures
This blog post is for informational and educational purposes only and does not constitute investment, legal, tax, or financial advice. Nothing in this article should be construed as an offer or solicitation to buy or sell any security, token, or financial product.
Product disclosure. reUSD & reUSDe are available only to non-U.S. persons in specific geographies through Resilience Foundation Cayman LLC ("Resilience Foundation"), an Exempted Limited Guarantee Foundation Company incorporated in the Cayman Islands with Limited Liability with registered number IC-414560. Not guaranteed. Purchasing reUSD and reUSDe tokens involves significant risk, including total loss of principal and smart contract vulnerabilities. Past performance is not a reliable indicator of future results. Yields are not guaranteed. Please assess your own risk.
Affiliate disclosure. The "re" brand, the re protocol, and re.xyz are operated by Resilience Foundation Cayman LLC ("Resilience Foundation"), an Exempted Limited Guarantee Foundation Company incorporated in the Cayman Islands with Limited Liability with registered number IC-414560, together with its affiliate Resilience (BVI) Ltd and Resilience Inv SPC. Resilience Foundation, Resilience BVI, and Resilience Inv do not provide insurance or reinsurance services, do not act as insurance broker or agent, and do not hold an insurance license. All regulated reinsurance activities are conducted exclusively by Cover Reinsurance SPC Ltd. ("Cover Re SPC"), a Class B(iii) licensed exempted segregated portfolio company in the Cayman Islands, operating under the "Cover Re" brand at coverre.com.
Risk disclosure. Digital assets and blockchain-based products involve significant risk, including the potential loss of principal, smart contract vulnerabilities, liquidity constraints, and regulatory uncertainty. Any references to APR, returns, or performance are not guaranteed, and past performance is not a reliable indicator of future results.
Regulatory environment. The regulatory environment for digital assets, stablecoins, tokenized real-world assets, and onchain financial products is dynamic and continues to evolve across jurisdictions. The information in this post reflects the understanding as of the date of publication and may not reflect subsequent legal or regulatory developments. Readers should consult qualified legal, tax, and financial professionals before making any decisions.
Terms apply. For full terms, disclosures, and risk disclaimers, please see the Re website at https://re.xyz, Terms of Service, and Disclaimers.