Forward, RockawayX co-lead $5M Series A in OnRe

Forward Industries and crypto investment firm RockawayX on Tuesday co-led a $5 million Series A in OnRe, a startup building reinsurance infrastructure on the Solana blockchain. Forward also plans to allocate up to $25 million into OnRe’s yield-bearing token on Solana.

The investors said the funding will support expansion of OnRe’s platform and efforts to attract institutional participants to on-chain reinsurance. OnRe is developing tools to tokenize reinsurance capital and to use smart contracts for underwriting, capital flows and settlement.

OnRe’s technology is designed so insurers and other market participants can transfer portions of risk using tokenized instruments and automated contracts rather than only through traditional bilateral treaties and manual paperwork. Shared ledgers aim to provide faster exposure tracking, more transparent capital management and automated settlement of programs.

Forward Industries holds more than 7.01 million SOL on its balance sheet and is the largest corporate holder of the token. Forward’s Nasdaq-listed shares rose about 5.8% in Tuesday’s regular session before much of that gain disappeared in after-hours trading. SOL was trading near $86.61, up roughly 2.7% at the time cited by industry price feeds.

OnRe is part of a small group of projects testing decentralized reinsurance. Other protocols, including Re, are developing tokenized yield products that connect institutional capital to collateralized insurance risks. Firms across the insurance value chain have also piloted digital-asset use cases; for example, insurance broker Aon has tested using stablecoins to pay premiums.

Tim Fletcher, CEO of Aon’s financial services division, noted that “tokenized assets are likely to become increasingly integrated into traditional financial systems.” Participants in the sector describe current activity as experimental, with pilots intended to address documentation, claims handling and capital allocation inefficiencies in the reinsurance market.

Estimates of the global reinsurance market vary. Some measures place market value at more than $600 billion, while total reinsurance premiums can approach $2 trillion. On-chain reinsurance projects aim to connect new forms of capital with insurance risk, though full adoption across the reinsurance industry has not occurred and remains at an early stage.