Forward Industries Backs OnRe to Build Reinsurance Infrastructure on Solana Blockchain

Blockchain-based reinsurance platforms are gaining traction as a way to improve efficiency in risk transfer processes. A recent funding round for OnRe, a startup building reinsurance infrastructure on the Solana blockchain, highlights the growing interest in this space. Forward Industries and RockawayX co-led the $5 million Series A round, with plans to commit up to $25 million into a Solana-based yield token.

The reinsurance market is a significant segment of global finance, with industry estimates placing its size above $600 billion. Total premiums are closer to $2 trillion, driven by demand for risk transfer solutions. OnRe's model involves using tokenization and smart contracts to move parts of the reinsurance process onto blockchain systems.

Forward Industries' involvement in the project is significant, given its status as one of the largest corporate holders of SOL, the Solana token. The company's commitment to investing up to $25 million into a Solana-based yield token could help drive adoption and growth in the on-chain reinsurance market.