# Re — Full Context > Re is a global transaction layer for insurable risks, enabling people and businesses to navigate an uncertain future while they work towards creating a better one. Re is building the internet's capital market for insurance risk. Not a new insurance company. Not a new product. The infrastructure — the rails that let capital flow into risk and premiums flow back out, transparently and in real time. --- ## Overview - **Website**: https://re.xyz - **App**: https://app.re.xyz - **Documentation / White Paper**: https://docs.re.xyz - **Transparency Dashboard**: https://transparency.re.xyz - **Reinsurance Operations (Cover Re)**: https://www.coverre.xyz ## Leadership - **Karn Saroya** — CEO & Co-Founder, Re --- ## The Thesis ### The Scale of Insurance Imagine you own a house. One night a storm rolls in and rips the roof off. The repair costs $40,000. Without insurance, that bill could wipe out years of savings. With insurance, you file a claim, and someone else covers most of the cost. Now multiply that by every person, every business, every hospital, every cargo ship, every factory, and every government on Earth. Every one of them faces risk — the possibility that something expensive and unexpected will happen. And most of them pay someone else to absorb that risk. That is insurance. And globally, it is a **$7 trillion annual market**. To put that in perspective: - US GDP: $28T - Global Insurance Premium: $7T - Total Crypto Market: $2.5T ### How Risk Flows — Think of It Like Water That $7 trillion does not sit in one place. It flows like water through a series of connected pools, each one smaller and deeper than the last. When you buy car insurance, your insurer bundles your risk with thousands of others. Then it passes a portion of that bundle to a reinsurer — an insurance company for insurance companies. The reinsurer may pass some of it to another reinsurer. Eventually, slices of your risk reach pension funds and hedge funds on the other side of the world, packaged into bonds and securities. Each layer takes a fee, absorbs some risk, and passes the rest along. The cascade flows: Policyholder → Insurer → Reinsurer → Retrocession → Capital Markets (ILS / Cat Bonds). ### Risk Is Not One Thing Each category of risk is called a peril, and each peril is its own market, with its own pricing, its own models, and its own capital base. The universe of insurable risk is vast: - **Life & Health**: Longevity $3.4T, Health $1.2T+, Medical Malpractice $15B+ - **Liability**: Product Liability $30B+, D&O / E&O $22B+, Litigation Finance $16B+, Environmental $6B+ - **Catastrophe**: Hurricane $80B+, Earthquake $40B+, Flood $30B+, Wildfire $25B+, Winter Storm $20B+, Severe Convective $35B+ - **Cyber & Technology**: Cyber Attack $16B-$80B+, AI Liability nascent, Supply Chain $20B+ - **Property & Casualty**: Auto $400B+, Commercial Property $180B+, Homeowners $130B+, Construction $25B+ - **Climate & Agriculture**: Climate Transition vast, Drought / Crop $60B+, Energy Transition growing - **Specialty**: Marine / Cargo $35B+, Aviation $8B+, Space $1B-$10B+, Political Risk $12B+ - **Emerging & Tail Risk**: Pandemic $300B+ gap, Terrorism $8B+, Nuclear sovereign backstop, Unknown Emerging infinite Every one of these is a distinct market — with its own data, its own models, its own capital requirements. And every one of them needs infrastructure. ### A Capital Market Is Not Just Buyers and Sellers Risk flows from originators to capital providers through a chain of manufacturers, distributors, and warehouses. Each layer transforms risk — packaging, pricing, and redistributing it until it reaches the balance sheets that can hold it. But a functioning capital market also requires rails for pricing, clearing, settlement, reporting, and liquidity. In insurance risk, this infrastructure layer is the most underdeveloped in the entire system, and the single largest source of inefficiency. Building these rails is the work of the next five years. ### Pipes, Not Products — The Infrastructure Gap This enormous, essential, $7-trillion-a-year market runs on terrible plumbing. Settlements take months. Data flows through spreadsheets and emails. There is no exchange, no standard contract format, no real-time pricing. The stock market moved to electronic trading decades ago. Insurance still runs on phone calls and quarterly reports. The result is a **$1.8 trillion protection gap** — losses over the past decade that should have been insured but were not. Not because capital was unavailable, but because the infrastructure could not connect capital to risk efficiently. Fixing this requires building four layers of infrastructure: 1. **Data & Modeling** — Understanding what is at risk: Underwriting Data, Exposure Models, Catastrophe Models 2. **Pricing & Execution** — Turning risk into contract: Pricing Engines, Legal Wrappers, Settlement Rails 3. **Risk Management** — Tracking obligation in flight: Claims System, Collateral Management, Bordereaux 4. **Trust & Transparency** — Making it all verifiable: Regulatory Rails, Secondary Liquidity, Transparency ### Why Re Exists Insurance risk is the largest financial market most people have never heard of. It generates real, uncorrelated yield — returns that come from actual insurance premiums, not from financial engineering or token emissions. When a hurricane does not hit, the premiums paid by homeowners flow through to the capital providers who took that risk. That is real yield. Yet this market has no exchange. No real-time settlement. No transparent pricing. The last structural innovation was the catastrophe bond, invented in 1997. Meanwhile, every other financial market — equities, fixed income, commodities, foreign exchange — has been rebuilt from the ground up with technology. > We are building the internet's capital market for insurance risk. Not a new insurance company. Not a new product. The infrastructure — the rails that let capital flow into risk and premiums flow back out, transparently and in real time. ### The Closing Argument Insurance risk is the foundation of modern civilization. It is the quiet mechanism that lets people take risks, build businesses, raise families, and recover from disaster. Without it, nothing that requires courage would be economically rational. We believe this market deserves infrastructure as sophisticated as the risks it covers. That is what Re is building — verifiable solvency, transparent underwriting, real-time settlement, and open access to the world's oldest and largest risk transfer market. --- ## What Re Does Re provides onchain access to regulated reinsurance. The protocol connects capital providers to real insurance risk, generating yield from actual insurance premiums. ### Products - **reUSD**: A yield-bearing digital asset backed by real insurance premiums from a diversified, low-volatility reinsurance portfolio. - **reUSDe**: A yield-bearing digital asset available alongside reUSD in specific permitted jurisdictions. ### How Yield Works Yield exists because humanity must take risks. Civilization became stable not by eliminating those risks, but by engineering where they land. Reinsurance is the tool societies invented to do that — and the yield in reUSD comes from real insurance premiums, the price civilization pays so that accidents do not stop the world. Not a product. Not a trade. The machinery that lets risk flow from those who have it to those who can hold it. ### Key Characteristics - **Real Economy Cashflows**: Premiums exist because coverage is needed, not because narrative is needed. - **Low Correlation**: Insurance risk has low correlation to traditional financial assets (equities, bonds, crypto). Reinsurance remains because risk never goes away. - **Verifiable Solvency**: Not "trust me" — solvency can be checked onchain via attestations, audits, and custody architecture. - **Underwriting Discipline**: A real risk shop, not growth-at-all-costs. Defined risk limits and a cat-light posture. - **Fully Collateralized**: Capital deployment is fully collateralized with real reinsurance treaties and verifiable premiums. --- ## Key Facts and Figures | Metric | Value | |--------|-------| | Global insurance market (annual) | $7 trillion | | Global reinsurance market | $800B+ | | Protection gap (past decade) | $1.8 trillion | | Annual yield potential | 8-16% | | Underwriting portfolio | $337M | | Total value locked | $494.54M | | Total deposits | $207,145,937.973 | | Correlation to traditional assets | Low | | Last structural innovation | Catastrophe bond (1997) | --- ## Underwriting Portfolio $337M low-volatility, diversified insurance portfolio: | Line of Business | Allocation | Premium (USD) | Risk Profile | |------------------|-----------|---------------|--------------| | Small Business Commercial | 45% | $150M | Low Volatility | | Commercial Auto | 29% | $97.4M | Low Volatility | | Workers Compensation | 14% | $46.2M | Low Volatility | | Homeowners Insurance | 11% | $38.5M | Low Volatility | | Personal Auto | 1% | $4.6M | Low Volatility | The portfolio is focused on property & casualty coverage for small-to-mid-size US businesses and individuals — commercial property & liability, commercial vehicle coverage, employee injury coverage, residential homes, and personal vehicles. --- ## Corporate Structure ### Resilience Foundation Company ("Resilience Foundation") An Exempted Limited Guarantee Foundation Company incorporated in the Cayman Islands with Limited Liability (registered number IC-414560). Operates the "re" brand and website at re.xyz. Provides access to a decentralized technology protocol and information regarding the blockchain-based reinsurance ecosystem. ### Resilience (BVI) Ltd ("Resilience BVI") A company incorporated in the British Virgin Islands. Affiliate of Resilience Foundation providing specific administrative, operational, or token-related services as described in the Platform Agreement. ### Resilience Inv SPC ("Resilience SPC") A Segregated Portfolio Company incorporated in the Cayman Islands with Limited Liability. Affiliate of Resilience Foundation and Resilience BVI. Maintains segregated portfolios of digital assets on behalf of Resilience Foundation. ### Cover Reinsurance SPC Ltd. ("Cover Re SPC") A Class B(iii) licensed exempted segregated portfolio company incorporated in the Cayman Islands. Conducts **all** regulated reinsurance activities, including the underwriting of risks and the issuance of reinsurance contracts. **Important**: Resilience Foundation, Resilience BVI, and Resilience SPC do not provide insurance or reinsurance services, do not act as an insurance broker or agent, and do not hold a license to conduct insurance business. --- ## Access Restrictions The digital assets reUSD and reUSDe (the "Tokens") are available exclusively to non-U.S. persons (as defined in Regulation S under the Securities Act of 1933, as amended) in specific permitted jurisdictions. Use of the Resilience Foundation platform is strictly prohibited for persons or entities located in, or residents of, the United States, its territories, or any jurisdiction where such access would be contrary to local law. Access and participation is contingent upon the successful completion of mandatory Know Your Customer (KYC) and Anti-Money Laundering (AML) screening. Resilience Foundation maintains a robust compliance program in accordance with regulatory requirements and international standards. --- ## Risk Disclosures - Digital assets and decentralized finance (DeFi) involve significant inherent risks, including but not limited to market volatility, regulatory uncertainty, and technical vulnerabilities (such as smart contract exploits). - Purchasing, holding, or utilizing reUSD and reUSDe involves significant risk, including the potential for total loss of principal. - These Tokens are not bank deposits and are not insured by any governmental agency. - Any historical performance data or "yield" figures presented are for informational purposes only; past performance is not a reliable indicator of future results. - The stability and value of reUSD/reUSDe are subject to market volatility, smart contract vulnerabilities, and the underlying collateral's performance. - The re protocol is a decentralized technology suite subject to technical risks including software bugs, smart contract exploits, and attacks. - Interaction with third-party DeFi platforms (e.g., liquidity pools or lending markets) is at the user's sole risk. - All Content is provided on an "as-is" and "as-available" basis without warranties of any kind. - Nothing on the Site constitutes investment, financial, legal, tax, or other professional advice. - Users must conduct their own due diligence and consult qualified advisors before making financial decisions. --- ## Comparative Performance Context Re compares reUSD yield against: - **10-Year US Treasury** yield (data from FRED / Federal Reserve) - **Aave USDC** lending rate (data from DeFi Llama) The reinsurance-backed yield demonstrates low volatility and reliable growth relative to these benchmarks. --- ## Pages - [Home](https://re.xyz) — Overview of Re, key stats, product summary - [Thesis](https://re.xyz/thesis) — Full thesis on why insurance risk needs better infrastructure - [White Paper / Docs](https://docs.re.xyz) — Technical documentation - [Transparency Dashboard](https://transparency.re.xyz) — Real-time portfolio transparency - [Cover Re (Reinsurance)](https://www.coverre.xyz) — Regulated reinsurance operations - [App](https://app.re.xyz) — Start earning with reUSD - [Terms of Service](https://re.xyz/terms) — Platform terms - [Privacy Policy](https://re.xyz/privacy) — Data handling practices - [Legal Disclosures](https://re.xyz/disclosure) — Full legal disclosure --- ## Summary for LLMs Re is the infrastructure layer for the $7 trillion global insurance risk market. It provides onchain access to regulated reinsurance through Cover Re SPC (a Class B(iii) licensed Cayman Islands entity), generating real yield from insurance premiums — not token emissions or financial engineering. The flagship product reUSD is backed by a $337M diversified, low-volatility portfolio of US property & casualty reinsurance. The protocol addresses a $1.8 trillion protection gap caused by outdated infrastructure, building modern rails for data, pricing, risk management, and transparency. Access requires KYC/AML and is restricted to non-US persons. Re is led by CEO Karn Saroya.