reinsurance

According to The Block, the Paradigm-supported protocol Symbiotic has officially launched Symbiotic Core V2, transforming from a restaking protocol into infrastructure aimed at the DeFi collateral market.Core V2 allows various applications such as insurance, credit, and RWA to share a single collateral pool, with each vault able to independently set risk parameters, asset types, positions, and loss conditions, enforced on-chain. Idle funds can be automatically routed to blue-chip lending protocols like Aave and Morpho to earn base yields, and can be called upon when performance is required.The first product based on Core V2, Liquid Lane, has been used for RWA instant settlement, supporting the early redemption of various tokenized assets for stablecoins; Nexus Mutual plans to use it as reinsurance capacity, while Cap is used to expand institutional credit guarantees.Symbiotic has previously completed approximately $29 million in Series A funding and $5.8 million in seed funding.

According to SolanaFloor, the on-chain reinsurance company OnRe Finance has completed a $5 million financing round, led by Forward and Rockaway. The funds will be used to accelerate the development of on-chain reinsurance business on the Solana network.Forward plans to deploy up to $25 million in OnRe's ONyc token to gain exposure to tokenized reinsurance returns.

According to Jinshi, the United States has doubled its commitment to provide reinsurance guarantees for vessels willing to transit the Strait of Hormuz to $40 billion and has introduced new insurance partners including American International Group and Berkshire Hathaway.The U.S. International Development Finance Corporation (DFC) announced a $20 billion reinsurance program last month. The agency stated today that Travelers Insurance, Liberty Mutual Insurance, Berkshire Hathaway, American International Group, Starr, and CNA will provide an additional $20 billion in reinsurance support for its maritime facilities alongside Chubb Insurance.DFC CEO Ben Black stated in a statement, "These leading U.S. insurance companies bring deep expertise in marine and war risk underwriting, enhancing our efforts to restore confidence in maritime trade."The agency also stated that it will work with insurance partners to determine which vessels qualify for reinsurance. To qualify, applicants must provide information including the vessel's port of origin and destination, the primary beneficial owners and their locations, the cargo owners and their locations, as well as information about the lenders providing financing for the vessel.

ChainCatcher news, Hong Kong virtual insurance licensed company OneDegree announced a cooperation agreement with Walaa Cooperative Insurance Company in Saudi Arabia, which will support OneDegree in providing global reinsurance funding for its digital asset insurance products. It is reported that OneDegree joined MENA in 2023 and collaborated with many local and international participants choosing the region as the base for its Web3 business development. Through the partnership with Walaa, OneInfinity by OneDegree will support virtual asset service providers both regionally and globally.

ChainCatcher news, according to official sources, the RWA platform Re has launched its first tokenized reinsurance fund on Avalanche, with crypto insurance provider Nexus Mutual investing $15 million, becoming one of the first investors.

According to CoinDesk, the tokenized reinsurance RWA platform Re has completed a new round of financing of $7 million, led by Electric Capital.It is reported that the project had previously completed a $14 million seed round financing at the end of 2022, and Re aims to support $200 million in premiums by the end of this year.According to the Web3 asset data platform RootData, Re is a blockchain-driven reinsurance company that allows qualified investors to back real-world insurance policies and companies. It has established a decentralized reinsurance market on Avalanche's C-Chain and Subnet, which is a decentralized global insurance trading layer that addresses any type of insurance risk in a transparent manner to regulators, partners, and investors.