I recently saw @re's reUSDe on Pendle with very high yields. After looking into it, I found that re is a decentralized reinsurance platform dedicated to bringing traditional reinsurance market returns to DeFi. Simply put, it's like Huma Finance in the insurance sector. Essentially, it attracts savings from the blockchain at the front end and then generates profits through reinsurance underwriting. The re protocol currently has two tokens: reUSD and reUSDe. The former is based on government bonds and basis trading, while the latter is the former plus reinsurance underwriting profits. reUSDe, as the insurance investment layer, directly participates in reinsurance underwriting, with returns derived from sharing underwriting profits (the base APR is provided by an Ethena strategy). However, it must first absorb potential losses, thus exhibiting higher volatility and risk. Some USDC Vault curators on Morpho have reUSDe configured, but reUSDe's liquidity is much worse than reUSD. ReUSD currently has a base interest rate of around 6%, while reUSDe is currently around 12%. Morpho's yields have been too low lately, so I'm planning to try this.

Is this the largest company doing on-chain reinsurance on RWA? I don't know much about insurance, haha, could you please give me some guidance?