March Operating Update: Growth at Scale

We’re sharing an operating performance update to keep you informed on Re’s portfolio positioning, and approach to capital and risk as of the March 2026 reporting snapshot.

March marked a significant milestone for the platform: onchain capital nearly doubled to $201.81 million, and TVL is approaching $500 million.

Here is what that means for you.

Capital Position
As of March 2026:

• $201.81M of capital is held onchain supporting Re-backed underwriting structures, representing 73% of the total capital base supporting active underwriting.
• $73.78 million is maintained offchain as reserves within regulated insurance entities, accounting for 27% of the total capital base.
• $215.14 million, or 44% of total assets, is composed of full expected written premium.

This capital position reflects a shift in the capital base, with onchain capital nearly doubling from $123.9 million, a $77.91 million increase: the largest single-month onchain capital expansion to date.

Offchain reserves held steady, growing marginally from $71.9 million. Together, the capital base now stands at $275.59 million supporting $215.14 million in premium receivable, a ratio that reinforces the protocol’s collateralized posture.

The sharp growth in onchain capital this month is the dominant story: it is up from 63% in February, reflecting accelerating capital formation onchain relative to the broader balance sheet.

Reinsurance Portfolio Composition
Throughout March 2026, capital continued to be deployed across a diversified set of low-volatility, short-duration reinsurance programs.

Re’s reinsurance business selects programs based on historical loss behavior, contract structure, and its ability to maintain strict collateralization and compliance standards across underwriting partners.

As reflected in its Insurance Strategy Breakdown, the $348.5 million underwriting portfolio remains diversified across multiple lines of business:

• Small Business Commercial (43%)
• Commercial Auto (28%)
• Workers’ Compensation (17%)
• Homeowners Insurance (11%)
• Personal Auto (1%)

Month-over-month, the portfolio saw a modest rebalancing: Workers’ Compensation increased from 14% to 17%, reflecting incremental deployment into this lower-volatility, short-tail line, while Small Business Commercial and Commercial Auto each trimmed by 2 percentage points, respectively. Total portfolio premium contracted slightly from $351.9 million to $348.5 million, consistent with normal treaty cadence.

All regulated reinsurance activities, including the underwriting of risks and the issuance of reinsurance contracts, are conducted exclusively by Cover Reinsurance SPC Ltd. (“Cover Re SPC”). Cover Re SPC is a Class B(iii) licensed exempted segregated portfolio company incorporated in the Cayman Islands. Cover Re SPC is not affiliated with Resilience Foundation Company or its affiliates. For details on Re’s reinsurance business, click here.

Risk Management & Portfolio Controls
Re’s reinsurance business continues to actively manage portfolio exposure across lines of business, geography, duration, and counterparty concentration. The rapid scaling of the capital base in March (onchain capital up 63% and TVL approaching $500 million) makes exposure monitoring the core of protocol operations.

The modest portfolio rebalancing this month reflects the active application of risk controls. Where concentration, market conditions, or asymmetric risk warrants it, underwriting activity may be paused, constrained, or rebalanced prospectively, without affecting existing contractual obligations.

At nearly $500 million in TVL and a $348.5 million underwriting portfolio, the Re protocol’s risk framework is being tested at a scale few on-chain reinsurance protocols have reached. Management remains focused on ensuring that growth in capital formation continues to be matched by the reinsurance business’s underwriting discipline, counterparty quality, and the structural controls that protect investor capital as the protocol matures.

Product Performance Context (reUSD & reUSDe)
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 exhibited a gradual, upward performance trajectory, consistent with measured capital deployment tied to regulated underwriting activity.

As of March 30, 2026, total capital allocation across Re’s instruments stands at$277.90 million, reflecting continued growth in both onchain and offchain capital formation. reUSD onchain capital reached $187.88 million (67.6% of total allocation), while reUSDe onchain capital stood at $16.23 million (5.8%), reflecting the continued scaling of Re’s yield-optimized insurance exposure vehicle. Offchain USD held in trust and custody accounts totaled $73.78 million (26.6%), consistent with regulated reserve requirements supporting active reinsurance contracts.

Compared to the February 2026 reporting period, reUSD supply had an increase of $81.88 million, or approximately 77% month-over-month, while reUSDe nearly doubled over the same period. Together, these figures reflect an acceleration in capital formation across both instruments heading into Q2 2026.

Historical performance information is provided for context only and should not be interpreted as indicative of future results.

Transparency & Reporting Infrastructure
Re protocol continues to invest in institutional-grade reporting infrastructure to improve visibility into capital deployment. A public dashboard shows onchain records that support ongoing monitoring and verification.

As of the March 2026 reporting snapshot, the dashboard reflects:

• Total Value Locked: $490.73M
• Onchain Capital: $201.81M
• Offchain Capital: $73.78M
• Premium Receivables: $215.14M

Total Value Locked grew by $79.73 million month-over-month, a 19% increase that positions Re among the largest onchain reinsurance protocols by capital base. Critically, this growth was driven by a 63% expansion in onchain capital, showing that depositors are increasingly confident in Re’s onchain infrastructure as a standalone source of collateralization.

At approaching $500 million in TVL, Re’s reinsurance business is reaching a scale of relevance for traditional reinsurance counterparties, a threshold that matters for treaty access, deal flow, and quality of underwriting programs the protocol can participate in.

Market Environment & Industry Environment
Key Industry Developments:

1) Property pricing in a buyer’s market: Total global reinsurance capital is now estimated well above $700 billion, with property catastrophe reinsurance entering a clear buyer’s market characterized by 10–15% rate reductions heading so far in 2026. Re’s concentration in casualty and short-tail commercial lines positions the portfolio away from the segments experiencing the sharpest pricing pressure.

2) Casualty lines remain disciplined: Casualty reinsurance capacity remains steady but cautious, with reinsurers closely monitoring reserve adequacy and systemic liability trends, while casualty pricing continues to rise to keep pace with social inflation and litigation costs. Re’s core lines — commercial auto, workers’ compensation, and small business commercial — sit squarely within this more resilient segment.

3) Global reinsurance capital at record highs: Aon estimates global reinsurer capital reached a record $760 billion as of September 30, 2025, up $45 billion from the prior year, driven primarily by retained earnings, with third-party capital reaching a new high of $124 billion and the catastrophe bond market ending the year with more than $59 billion in bonds outstanding. This record capital base entering 2026 highlights the scale of opportunity that onchain infrastructure like Re is positioned to access.

4) Alternative capital at record levels: As of late March 2026, new catastrophe bond issuances continue at pace, with Zurich sponsoring its first cat bond since 2012 and new entrants like Arrow Global launching insurance investment platforms. This reinforces that institutional capital continues to flow into insurance risk as a recognized asset class.

5) Institutional scale at the right moment: At $490.73 million in TVL and a $348.5 million underwriting portfolio, Re is approaching the scale threshold at which it becomes a credible capital partner for traditional reinsurance counterparties. This is at precisely the moment when the market is rewarding platforms with superior transparency and operational infrastructure.

Summary
March 2026 represents a significant milestone in Re’s growth trajectory: onchain capital expanding 63% month-over-month to $201.81 million, and TVL approaching $500 million.

Heading into Q2 2026, Re’s focus is on continuing to match capital growth with expanding treaty activity across core lines of the reinsurance business, and further strengthening the reporting infrastructure on the protocol that underpins the platform. We will continue to keep you updated as material developments occur.

- Re Management Team

Important disclaimers, risk disclosures, and regulatory notices applicable to this publication are available at www.re.xyz/disclaimers and form an integral part of this document.