Global property and specialty reinsurer OnRe has entered a strategic partnership with Rhodium Re, a managing general agent based in Dubai. The arrangement is among the first MGA-led channels to connect regulated alternative capital with underwriting sourced through the Middle East.
OnRe operates a tokenized capital structure through ONyc, a yield-bearing real-world asset that targets a 16% base return across market cycles. The partnership is intended to support the firm's efforts to expand its underwriting depth and distribution.
Through the agreement with Rhodium Re, OnRe gains access to the MGA's underwriting expertise, carrier relationships, and distribution network. The two firms will work together to build a global property and specialty portfolio aimed at increasing OnRe's premium flow.
Rhodium Re is headquartered in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority.
Its position in the emirate provides access to reinsurance opportunities across Gulf Cooperation Council markets, including the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, and Oman. The MGA's operations span facultative, treaty, and retrocession reinsurance.
Roberts said "The Middle East is one of the most dynamic capital markets in the world, and this partnership is a key part of our long-term strategy." He added that Rhodium Re provides the underwriting expertise and regional access the firm needs as it scales its global distribution.
Tunde Olowofila, senior executive officer at Rhodium Re, said "Partnering with OnRe brings new capital strength and technical capability to the insurance value chain." He noted that the two companies are building a model that reflects where reinsurance is headed.
Under the partnership, Rhodium Re will extend its reach beyond the GCC to support OnRe's global underwriting distribution.
The Rhodium Re partnership follows recent steps by OnRe to strengthen its institutional infrastructure. The firm recently appointed Apex Group Ltd as its independent attestation provider for ONyc.
Under that engagement, Apex will conduct regular independent attestations of the vehicle's net asset value and associated treasury balances. Roberts has said the appointment "holds us to the same accountability standards investors expect from established financial products."
