Re Protocol

Agosto foi mais um mês de grande crescimento para a Re. A Re ultrapassou a marca de um quarto de bilhão em depósitos totais. Os depósitos cresceram em quase 36%, o maior aumento mês a mês do protocolo desde março e o segundo maior de todos os tempos. Agosto também trouxe expansão contínua entre cadeias. a reUSD foi ao ar na Solana via Chainlink CCIP e adicionou novas integrações de empréstimos e garantias em Jupiter Lend, Kamino e Feather.
US$ 648,5 milhões em Valor Total Bloqueado
+11,7% de Crescimento do TVL
US$ 256,4 milhões em Depósitos Totais
+35,8% de Crescimento de Depósitos
Posição de Capital

Insurance is a critical component of life in today's world. You buy insurance to protect yourself and your assets, be that health, your car, your home, your possessions, and more. Businesses and even governments do the same.
But insurers need insurance too. That’s why they seek out reinsurance: insurance for insurers. Hardly anyone outside of the insurance world will ever see it, but it’s critical to the industry at large.
When insurers seek reinsurance, it’s the reinsurance brokers who do the legwork. They’re involved from start to finish in arranging the deals, and their work continues well after the contract is signed.
Josephine Li, ACAS, is managing director of broking at Howden Re, one of the world’s leading reinsurance brokerages. In this interview, she discusses the role of a broker, what a deal involves, and her experience working with Cover Re.
The work and the person behind it
The role of a reinsurance broker draws on expertise in risk, negotiation, analysis, and industry knowledge. Brokers act as the primary channel through which insurers seek out reinsurance, helping them determine suitable reinsurers, negotiate the terms, and then manage the ongoing work after a contract is signed. Josephine’s experience offers a view into the profession, including her path into broking, what the work involves, and the lessons she’s learned about building relationships and a career in reinsurance.
For readers who’ve never met a reinsurance broker, how do you describe your job at a dinner party?
We help insurance companies insure themselves. A reinsurance broker is part strategist, part translator and part negotiator. We help clients understand the risks they’re taking, decide how much of that risk they want to keep, and find capital to take the rest.
What does a typical day actually look like for you right now?
There really isn’t one. I can go from talking with a client about growth or capital strategy, to working through analytics and treaty [1] structure, to negotiating with reinsurers, to getting different internal teams aligned around a placement. A lot of the job is connecting the technical, commercial and relationship pieces.
You have an actuarial background. How does someone go from the actuarial track to broking, and what made you make that jump?
The actuarial background gave me a very strong foundation for deconstructing risk and testing whether the economics make sense. What attracted me to broking was being able to take that analytical foundation and add strategy, negotiation, clients and the market. I liked being closer to the decisions rather than only analyzing them after the fact.
What’s the moment you knew reinsurance was going to be your career? Was there a deal, a mentor, a market event?
It wasn’t one dramatic moment. I stumbled into reinsurance after college, but I stayed because the problems kept being interesting and no two deals were ever exactly the same.
What’s the hardest lesson the market has taught you? A deal that went sideways, a renewal you lost, a call you got wrong?
Being technically right isn’t enough. You have to understand what motivates everyone involved, communicate clearly, get the timing right and know when to push versus when to listen. And when you do get something wrong, owning it quickly matters a lot more than trying to defend it.
Reinsurance is a relationship business. How did you build your book of relationships when you were starting out, before you had a track record?
By being useful. When you’re early in your career, you may not have decades of relationships or a big book, but you can be prepared, responsive, curious and dependable. If people learn that when they call you they’ll get a thoughtful answer and you’ll do what you said you were going to do, the relationships build from there.
What’s a misconception about brokers (even inside the industry) that you’d like to correct?
That the job is primarily matchmaking, take a risk from a client and find someone willing to write it. The best broking is much more consultative than that. A good broker should be helping shape the risk, challenge assumptions, improve the structure, create competition and ultimately help both sides make a better decision.
What advice would you give someone considering a move into broking today?
Learn the fundamentals first. Understand analytics, contracts, how your client makes money and how the reinsurer makes money. Then learn how to explain complicated things simply. The people who can combine technical credibility with judgment, communication and relationships become very valuable very quickly.
How a reinsurance deal comes together
A reinsurance deal begins with establishing the insurer’s specific goals. The broker then works through the insurer’s data, develops potential contract structures, and approaches potential reinsurers to seek feedback and negotiate. After the agreement is signed, the broker continues working with both sides on contract issues, amendments, and premium and claims activity throughout the life of the treaty.
Josephine describes how that process unfolds in practice: the preparation behind a deal, and the factors she considers when selecting a reinsurer.
Walk me through a deal from the very first conversation to binding. Where does a treaty actually begin (a phone call, a renewal date, a lunch)?
The treaty usually starts with a business problem, not a treaty structure. You first understand what the client is trying to accomplish, growth, capital relief, earnings protection, something else. Then you work through the data and modeling, develop structures, build the underwriting story, approach the right markets, take feedback, negotiate terms and capacity, allocate the line and ultimately bind it. The structure is really the output of understanding the underlying problem.
Matchmaking is the visible part of broking. What’s the invisible part, like the work clients and reinsurers never see?
A huge amount of preparation. It’s understanding the portfolio, pressure-testing the analytics, anticipating reinsurer questions, figuring out which markets are genuinely relevant, managing competing interests and sometimes solving problems before the client ever knows they existed. The meeting or negotiation is the visible 10%; most of the work happened before anyone got into the room.
When you’re deciding which reinsurer to bring a client’s risk to, what are you actually weighing? What separates a market you trust from one you don’t?
Price and capacity obviously matter, but they’re only part of it. I’m looking at underwriting appetite, financial strength, expertise, responsiveness, consistency and whether I believe they’ll still behave like a partner when something goes wrong. A market earns trust through what it does after the easy part of the transaction is over.
Once a treaty is bound, you service it for its whole life. What does that actually involve month to month, and why does it matter so much?
Binding isn’t the end of the relationship. There are contract issues, data, premium and loss activity, claims, amendments, changing exposures and ongoing conversations with both sides throughout the year. Good servicing also makes the next renewal better because nobody wants to rediscover the relationship once a year.
Working with Cover Re
Howden Re is Cover Re’s largest broker relationship. Josephine shares her first impressions of Cover Re, her experience working with its technical team, and what Cover Re has done to secure repeat business with Howden.
Do you remember the first Cover Re deal you worked on? What was your honest first impression of them as a market?
What stood out was that you were innovative without treating innovation as a substitute for underwriting. There are plenty of new ideas around capital and technology, but ultimately this business still comes down to understanding risk, pricing it appropriately and honoring your commitments.
Is there a moment in the relationship that stands out?
The team’s technical capability stands out, especially in structured markets. Jon [Lim, chief underwriting officer) and Blanca [Qin, head of underwriting] are very strong technicians in their respective areas, which makes conversations about structure mechanics much smoother. It feels more like a thoughtful debate with knowledgeable peers than having to explain how each part of the deal mechanics works.
Howden is now Cover Re’s largest broker relationship. From your side of the table, what has Cover Re done to earn repeat business? What does “reliable execution” actually look like in practice?
Engage early, give useful feedback, give a clear yes or no, make decisions when you say you will and don’t change the rules late in the process. If a reinsurer consistently does those things, brokers remember it.
How the market is changing
The reinsurance industry is drawing upon an increasingly varied mix of capital: not just traditional reinsurers and private capital, but also newer technology-enabled approaches such as Re. Josephine discusses where those changes could lead, the potential role of crypto-native capital, and what participants on both sides need to understand about each other.
You sit at a vantage point where you see the whole market. What’s changing in reinsurance right now that you find most interesting, or most worrying?
I think the variety of capital entering the market is fascinating. You have traditional balance-sheet reinsurers, ILS [2] capital, private capital and increasingly technology-enabled approaches all looking at similar risks in different ways. That creates more options for clients, but it also means brokers have to understand the differences between sources of capital rather than treating capacity as interchangeable.
New sources of capital keep entering the market. Where do you think that goes in the next 5-10 years? Is crypto-native capital a novelty or the beginning of something structural?
I think it’s part of a broader structural trend toward new forms of capital entering insurance and reinsurance. The technology itself is interesting, but what ultimately determines whether any new source of capital lasts is much more traditional: permanence, control, liquidity, how it performs through losses, and whether policyholders and cedants [3] have appropriate protections. If it can pass those tests, then it becomes less about “crypto” and more about another credible source of risk capital.
What would you say to a traditional insurance person who’s skeptical of protocols like Re? And conversely, what should crypto people understand about how this market really works?
To the traditional insurance side, I’d say don’t dismiss a new mechanism simply because the technology is unfamiliar. But the reverse is equally important: technology doesn’t eliminate underwriting cycles, claims development or the importance of trust. Insurance has accumulated a lot of institutional knowledge for good reasons.
Finish this sentence: “The best brokers are the ones who ______.”
…create outcomes where both sides win.
Many thanks to Josephine for taking the time to share her experience and perspective! Learn more about Josephine on LinkedIn [4].
Explore Re: https://re.xyz
#reinsurance #RWA #TradFi
Originally published on re.xyz: https://re.xyz/insights/what-does-a-reinsurance-broker-do
Sources
https://www.irmi.com/term/insurance-definitions/reinsurance-treatyhttps://www.irmi.com/term/insurance-definitions/insurance-linked-securitieshttps://www.irmi.com/term/insurance-definitions/cedenthttps://www.linkedin.com/in/josephine-li-acas-1b489b35
Disclosures: For educational and informational purposes only. Nothing in this post is investment, financial, legal, or tax advice, or an offer, solicitation, or recommendation to buy, sell, or hold any digital asset, including reUSD and reUSDe (together, the “Tokens”). No advisory or fiduciary relationship is created by this post; readers should consult qualified legal, tax, and financial professionals before making any decision. Yields are variable, not guaranteed, and may change at any time. Past performance is not a reliable indicator of future results. Digital assets and blockchain-based products involve significant risk, including total loss of principal, market volatility, liquidity constraints, smart contract and protocol vulnerabilities, oracle and collateral risk, counterparty risk, and regulatory uncertainty. The Tokens are not bank deposits, are not FDIC insured, and are not insured by any government agency or protected by any deposit guarantee or policyholder protection scheme. The “re” brand, the re protocol, and re.xyz are operated by Resilience Foundation Cayman LLC (“Resilience Foundation”), an Exempted Limited Guarantee Foundation Company incorporated in the Cayman Islands with Limited Liability with registered number IC-414560, together with its affiliates Resilience (BVI) Ltd and Resilience Inv SPC. Resilience Foundation, Resilience BVI, and Resilience Inv do not provide insurance or reinsurance services, do not act as insurance broker or agent, and do not hold an insurance license. All regulated reinsurance activities are conducted exclusively by Cover Reinsurance SPC Ltd. (“Cover Re SPC”), a Class B(iii) licensed exempted segregated portfolio company in the Cayman Islands, operating under the “Cover Re” brand at https://coverre.com. Holding a Token does not make you an insured, policyholder, or beneficiary of any insurer or reinsurer.The Tokens are available only to eligible non-U.S. persons (as defined under Regulation S of the U.S. Securities Act of 1933) in permitted jurisdictions and are subject to KYC/AML and sanctions screening requirements. Use by U.S. persons or residents, or by persons in any prohibited jurisdiction, is strictly prohibited, and this post is not directed at, and is not an offer or solicitation to, any such person. The Tokens may be classified as securities in certain jurisdictions, and participation is subject to eligibility requirements, KYC/AML verification, and jurisdiction-specific restrictions. Third-party websites, data, and services referenced are provided for convenience only and are not endorsed, verified, or controlled by us.The binding terms of the applicable agreements, including the Terms of Service and, where applicable, the Claims Portal Terms and Conditions, govern and prevail over this summary, which amends nothing in them. See our full Disclosure and Terms of Service at https://re.xyz/disclosure for important additional information.

O resseguro, como qualquer outra área financeira, é um negócio com fins lucrativos. As resseguradoras selecionam, precificam e negociam cuidadosamente os tratados, tendo em vista um objetivo principal: cumprir suas obrigações perante a seguradora e, ao mesmo tempo, maximizar as margens. Para a resseguradora média, isso significa gerar mais valor para os acionistas. Para a Re, os lucros de subscrição contribuem para o rendimento dos detentores de reUSD e reUSDe.
Mas o que determina a equação do lucro? Quais custos e receitas entram nela? E como o resultado é medido? Vamos explorar.

A próxima janela de resgate do reUSDe (https://docs.re.xyz/products/about-reusde) será aberta em 1º de outubro de 2026. Este artigo traz um passo a passo completo de como participar.
Visão geral
Envie uma solicitação de resgate entre 1º de outubro e 14 de outubro. - O período de resgate durará de 1º de outubro às 0:00 UTC até 23:59 UTC do dia 14 de outubro.
Reivindique entre 15 de outubro e 14 de novembro. - Após o período de resgate, as reivindicações ficarão disponíveis por 30 dias.
As reivindicações passam a ser pro rata se o valor total exceder o limite de liquidez. - Se as solicitações totais excederem US$ 1,5 milhão, cada solicitação é atendida proporcionalmente e a parte não atendida do seu reUSDe é devolvida à sua carteira.

A Re atingiu mais um marco em um ano cheio deles: os depósitos totais no protocolo em reUSD (https://docs.re.xyz/insurance-capital-layers/what-is-reusd) e reUSDe (https://docs.re.xyz/insurance-capital-layers/what-is-reusde) já ultrapassaram US$ 300 milhões.
Depósitos totais - US$ 300M+
Depósitos adicionados em 45 dias - +US$ 116M
Ganho líquido - 60%
Rendimento acumulado aos detentores - US$ 10M+
O marco foi impulsionado por um crescimento sem precedentes nos depósitos: no período de 45 dias que começou em 9 de agosto, os depósitos aumentaram em US$ 116 milhões. Isso representa um ganho líquido de 60%.

Então, como a estratégia de seguros da Re é estruturada para manter esse rendimento fluindo? O que entra na decisão de quais oportunidades o capital dos depositantes vai apoiar?
A equação de valor da Re é bastante simples: os depositantes ou fornecem capital e cunham ativos (reUSD ou reUSDe) ou adquirem esses ativos no mercado secundário. Esses ativos geram rendimento: para o reUSD, um rendimento misto de SOFR e da média móvel de sete dias da taxa de rendimento do sUSDe, além de um spread definido pelo protocolo; para o reUSDe, SOFR mais um spread definido pelo protocolo.