Research summary
ONyc is a Solana token that OnRe sells as a share of a reinsurance book. On Re SAC Ltd., a Bermuda segregated accounts company licensed by the Bermuda Monetary Authority as an insurer and a digital asset business, keeps a separate account for ONyc. Money paid in posts collateral for short reinsurance contracts, about half specialty lines such as cyber and aviation and half catastrophe cover that pays on industry loss indices, and earns premiums. OnRe’s own API put the account at $300.9 million on 2026-09-23, with 262 million tokens at a NAV of $1.1486. Three facts set the file apart from a fund share. First, the price is not marked to the book: OnRe’s docs say the NAV used to mint and redeem comes from a base price, an annual rate, and time, all stored in the contract. Losses reach the holder only when OnRe lowers that rate. Second, the token itself carries no claim: the terms of the Open Access interface, where anyone outside the excluded places may buy with no onboarding, say ONyc bought there confers no rights against On Re SAC Ltd. Rights come from a Participation Agreement, which is not public. Third, the exit is narrow: only holders who pass OnRe’s KYC and meet accredited-investor tests may redeem, OnRe targets monthly capacity of 2.5% of NAV, and every other holder sells into a pool or OnRe’s own quote. The United States and the United Kingdom are on OnRe’s excluded list, so no client of a US adviser may hold it. The assessment is adverse on the claim and the exit, not on the reinsurance: nothing here says the book is badly underwritten.
Observable review triggers
- OnRe publishes the Participation Agreement, and it gives every token holder a direct claim on the segregated account, or the token holder may sign one without an accredited-investor test
- The NAV is struck from the account’s marked assets and reserves by an independent administrator, not from a rate stored in the contract
- OnRe removes the United States from its excluded list under a published US exemption
- The ONyc freeze authority or the OnRe program upgrade authority changes, or the global kill switch is used
- Pending redemption requests go unfilled for more than 30 days, or OnRe lowers the contract rate after a loss
Facts on file
- Research assessment
- Adverse
- Client selection
- Not considered
- Exposure
- tokenized RWA
- Chains examined
- Solana
- Instruments
- ONyc
- Reviewed
- Next review