Forward Industries and RockawayX have backed a $5 million funding round for OnRe, a startup building reinsurance infrastructure on the Solana blockchain.
Summary
- Forward Industries and RockawayX have co-led a $5M funding round for OnRe to build reinsurance infrastructure on Solana.
- Forward Industries plans to invest up to $25M into a Solana-based yield token tied to the platform.
- OnRe is working to move risk transfer processes on-chain using tokenization and smart contracts to attract institutional capital.
According to a statement from the companies, the two firms co-led the Series A round, with Forward Industries planning to commit up to $25 million into a Solana-based yield token issued through the platform. Capital from the raise is expected to support platform development and draw institutional participants into on-chain reinsurance markets.
OnRe’s model centres on moving parts of the reinsurance process onto blockchain systems, where insurers can transfer risk to third parties using tokenized structures and smart contracts. The company said this setup is designed to handle underwriting and capital allocation through automated, on-chain mechanisms.
Reinsurance, a sector where insurers pass portions of risk to external entities, represents a large segment of global finance. Industry estimates place the market size above $600 billion, while total premiums are closer to $2 trillion, driven by demand for risk transfer solutions.
Forward Industries’ involvement ties the effort closely to the Solana ecosystem. Industry data shows the Nasdaq-listed company holds more than 7.01 million SOL, making it the largest corporate holder of the token. Market data from Yahoo Finance showed Forward’s shares rose about 5.8% during Tuesday’s regular session before giving back most of those gains in after-hours trading, while SOL traded at $86.61, up about 2.7% at last check.
Blockchain-based reinsurance platforms are being tested as a way to replace manual workflows with shared ledgers that allow real-time tracking, underwriting, and claims processing. Developers in the space argue such systems can improve efficiency, though adoption remains limited.
OnRe is entering a field that already includes other blockchain-native projects. Re, a decentralized reinsurance protocol, is also working to connect institutional capital with insured risk while offering tokenized yield exposure. Additional protocols have emerged to cover smart contract and decentralized finance risks, though most remain in early development stages.
Experiments are not limited to startups. Insurance broker Aon has tested stablecoin payments for insurance premiums as part of its digital asset initiatives. Tim Fletcher, CEO of Aon’s financial services division, said tokenized assets are likely to become increasingly integrated into traditional financial systems.
