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About
Karn Saroya raised $14 million in seed funding in 2022 to launch Re as Cover, the national insurance platform he had spent seven years building, was wound down. The model is a decentralized answer to Lloyd's of London: capital providers post stablecoins, and the underlying reinsurance is written by Cover Re SPC, a fully collateralized Cayman-domiciled reinsurer whose liabilities are secured by segregated trusts. The book is deliberately low-volatility — auto, small business and similar lines rather than catastrophe risk. By May 2026 Re reported $226 million of premiums written in that year alone, $409 million since inception, and more than 30 insurance partners. Saroya's earlier company, Stylekick, was acquired by Shopify in 2015; he took the TechTO stage in February 2020 as Cover's co-founder and CEO to talk about scaling an executive team, and Natalie Gray, now on Re's product team, presented for Cover in 2018.
Backers
Tribe Capital, Defy, Exor, Morgan Creek Digital and SiriusPoint led or joined a $14 million seed round in 2022.
Quick answers
What does Re do?
It reinsures conventional insurance programs with stablecoin-denominated capital, writing the business through Cover Re SPC — a fully collateralized Cayman reinsurer — in low-volatility lines such as auto and small business.
Who founded Re?
Karn Saroya, in 2022, after winding down Cover. His first company, Stylekick, was acquired by Shopify in 2015.
How much business has Re written?
$409 million of premiums since inception and $226 million in 2026 alone, across more than 30 insurance partners, as of May 2026.