OnRe, an onchain asset manager focused on institutional-grade yield in decentralized finance, has appointed Apex Group Ltd as its independent attestation provider for ONyc, its tokenized reinsurance vehicle.
Apex Group is a global financial services provider that supports asset managers and financial institutions across fund administration, custody and reporting.
OnRe launched ONyc as the next iteration of its flagship digital asset platform, introducing a multi-collateral model aimed at supporting reinsurance underwriting at scale. ONyc targets a 16% base yield sourced from reinsurance performance, which OnRe characterizes as independent of market cycles, supplemented by returns from collateral assets.
In developing the product, OnRe partnered with Ethena, Solana Ventures and RockawayX.
Under the engagement, Apex will conduct regular independent attestations of ONyc's net asset value and associated treasury balances. The attestations will cover assets held across both traditional financial accounts and onchain infrastructure.
Apex will publish monthly attestation reports for ONyc holders and other stakeholders. The reports are intended to provide visibility into capital deployment and management, confirming that reported assets reflect ONyc's underlying reinsurance positions and treasury holdings.
The development comes as alternative reinsurance capital continues to expand. Moody's reported that alternative reinsurance capital reached about US$121 billion as of June 30, 2025, with catastrophe bonds accounting for roughly 45% of that total and outstanding cat bonds at a record US$56 billion.
Dan Roberts, co-founder and CEO of OnRe, said the appointment establishes a formal separation between capital deployment and verification.
"Independent attestation is a baseline requirement for a product like ONyc," Roberts said. He added that appointing Apex Group "holds us to the same accountability standards investors expect from established financial products."
Daniel Coheur, global head of digital assets for Apex Group, said the firm will apply consistent methodology to its assessments.
"Our responsibility is to independently assess whether ONyc's reported positions and valuations are supported by verifiable data," Coheur said.
