Heard about one that does some insurance business.

Just happens that my child has been buying insurance recently. Thinking it was related, I did some research and looked into it carefully.
What I found interesting is that it's different from what I thought.
Actually, it's a reinsurance project on the chain.
Simply put, you exchange RE for its stablecoin assets, such as reUSD and reUSDe. RE then uses these funds through a compliant structure to underwrite reinsurance business involving real-world insurance companies.
When ordinary people buy insurance, they transfer their risks to the insurance company. And the insurance company will also transfer some risks further, which is reinsurance. So reinsurance can also be understood as "insurance for insurance companies."
What RE does is to connect the stablecoin funds on the chain to this reinsurance market.
If the insurance company's claims situation is normal, the profits after deducting claims, expenses, and related costs will be distributed to users who exchanged RE for reUSD or reUSDe.
So RE's returns are not simply relying on token issuance subsidies, nor are they the traditional DeFi types like funding rates, lending rates, or LP nested yields, but rather come from premium income and risk premiums in the real-world insurance market.
This is also the most interesting part of RE.
In the past, we