What $358 Million in Broker Trust Looks Like at Cover Re

Cover Re places $358M of premium through eight broking partners, seven of whom rank in the global top ten. The panel is a deliberate study in scale, diversification, and earned trust.

What $358 Million in Broker Trust Looks Like at Cover Re
Capital & Distribution

What $358 Million
in Broker Trust
Looks Like
at Cover Re

Cover Re writes $358M of premium through all the major global reinsurance brokers — a panel built for institutional credibility, disciplined diversification, and a clear view of where distribution is heading.

2025 GWP
$358M
Placed through all major global broking partners across global and specialty channels
Broker Partners
All Majors
Every top global reinsurance broker on Cover Re's panel — including Aon, the industry's largest
Max Concentration
25%
No single broker controls more than 25% of premium — by design

In reinsurance, distribution is destiny.

Broker relationships in reinsurance function as more than a sales channel. They are a referendum on your credibility. Every time a broker places a client's risk with a carrier, they put their own reputation on the line. The best brokers are selective, because their clients demand it.

Deal flow at this scale is not a given. These brokers collectively intermediate the vast majority of global reinsurance placements. Being on their panels means Cover Re sees a wide and diverse universe of risk — and that access allows us to be selective about what we write.

Why this panel was built this way.

These brokers collectively intermediate the vast majority of global reinsurance placements. Being on their panels means Cover Re sees a wide and diverse universe of risk. That access allows us to be selective about what we write. Deal flow at this scale is not a given. It is earned.

Diversification is equally deliberate. No single broker accounts for more than 25% of Cover Re's premium. Spreading premium across intermediaries limits channel concentration, preserves negotiating leverage, and protects against over-dependence on any one relationship.

The mix tells a story.

About a third of premium flows through the largest global names — Aon, Guy Carpenter ($2.6B), Gallagher Re ($1.5B), and Howden Re ($689M). These are the firms that set standards, have the deepest cedant relationships, and move the most paper in the market.

The rest flows through specialty and high-growth intermediaries: BMS Re, Acrisure Re, Lockton Re, and McGill & Partners. These firms are among the fastest-growing in reinsurance distribution — bringing differentiated risk, program business, and the cedant relationships of tomorrow.

Broker Premium Distribution — Year-End 2025
Top 4 Brokers
Aon, Guy Carpenter,
Gallagher Re, Howden Re
33%
$118M
of $358M
All Other Brokers
67%
$240M
of $358M
Total written premium
$358M
Source: Re company disclosures, year-end 2025. Shares of total written premium. Rounded.
Global Leaders
Aon, Guy Carpenter, Gallagher Re, and Howden Re collectively handle the majority of global reinsurance volume. Placing through them means institutional access, pricing transparency, and credibility with the largest cedants in the market.
Specialty & High-Growth
BMS Re, Lockton Re, Acrisure Re, and McGill & Partners are among the fastest-growing intermediaries in reinsurance — bringing differentiated risk, program business, and the cedant relationships of tomorrow.
Concentration Design
No single broker carries more than 25% of premium. This isn't a soft preference — it's a structural constraint that preserves leverage, limits channel risk, and ensures that no single relationship becomes a single point of failure.
Earned Access
Panel placement with the world's top brokers isn't applied for — it's earned. These relationships reflect consistent execution, strong collateral structures, and a track record of paying claims. Access at this scale is the result of that work.

Built on regulatory rigor.

Cover Re is domiciled in the Cayman Islands and regulated by the Cayman Islands Monetary Authority (CIMA), a risk-based supervisory framework aligned with IAIS Insurance Core Principles. In February 2026, CIMA appointed a dedicated Reinsurance Specialist to its Insurance Supervision Division — a regime that is evolving alongside the market it oversees.

1
Regulation 114 Trust Structure

Cover Re's reinsurance liabilities are collateralized through segregated Regulation 114 trusts, held with top-tier U.S. trustees — Truist and Computershare. This structure gives brokers and cedants a direct, enforceable claim on assets held in their favor, independent of Cover Re's operational continuity.

2
Global Supervisory Reach

CIMA maintains over 70 regulatory cooperation agreements with supervisors worldwide, including U.S. regulators. That network means Cover Re operates under a framework that major brokers and their compliance teams can evaluate, verify, and rely on when placing U.S.-sourced business.

3
Independent Oversight

The company operates under independent regulatory oversight. Together, those conditions make it possible to work with nearly every major intermediary in the market. The numbers reflect that. So do the decisions behind them.

Risk context. Reinsurance collateral structures and regulatory frameworks can evolve. Reg 114 trusts provide asset-level protection but do not eliminate counterparty or market risk. For full terms and disclosures, visit coverre.com/disclaimers.

"Reinsurance is a relationship business. The brokers on your panel, and what they bring to you, reflect the company you are. We're proud of ours."

— Karn Saroya, CEO of Re

The infrastructure
behind the panel.

Cover Re is the reinsurance backbone of the re protocol. $358M in broker-placed premium. Regulation 114 trust collateral. CIMA-regulated. Learn how Cover Re underwrites the risk that backs onchain yield.
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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.

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.