Digital assets holding firm FG Nexus has entered into an agreement to sell a majority stake in its FG Reinsurance Division, which includes FG Reinsurance Ltd. and FG Re Solutions Limited, to Devondale Holdings LLC.
The transaction, led by Tom Heise, will result in FG Nexus receiving approximately US$3 million in cash, a US$1.25 million note, and a 40% equity interest in Devondale. Heise will serve as CEO of Devondale.
The company said that the sale will allow it to concentrate resources on its Ethereum-focused strategy and increase ETH per share growth.
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“This transaction sharpens our focus on Ethereum and reallocates resources toward ETH accumulation. FG Nexus is building long-term ETH per share growth and reinforcing our conviction that Ethereum is the backbone of tomorrow’s financial system,” said Maja Vujinovic, CEO of Digital Assets at FG Nexus.
Kyle Cerminara (pictured above), CEO of FG Nexus, commented, “We are excited to sell the majority of our FG Reinsurance Division to focus our efforts on further strengthening our ETH treasury strategy, while allowing Devondale to chart its own course in growing their reinsurance business while also having access to FG Nexus’ digital asset expertise to execute their planned tokenization strategies.”
Cerminara said that Heise and his team have played a key role in developing the reinsurance division and that FG Nexus looks forward to maintaining a relationship as minority stakeholders.
Heise brings more than 25 years of experience in the reinsurance sector and previously served as chief executive of the FG Reinsurance Division.
“This transaction is a testament to the strength of our reinsurance team and our ability to grow a profitable reinsurance portfolio,” Heise said.
The reinsurance sector has seen increased adoption of blockchain technology in 2025. Re, a decentralized reinsurance infrastructure platform, has expanded its offerings with new onchain yield products and a points program, aiming to link global capital markets with blockchain and provide greater transparency and automation in underwriting and claims.
SurancePlus, a subsidiary of Oxbridge Re Holdings, has also expanded its tokenized reinsurance operations in 2025 by integrating with the Midnight blockchain. This integration supports privacy-compliant transactions using zero-knowledge proof technology.
In a related move, Oxbridge Re has added Bitcoin and Ethereum to its treasury reserves, aligning with its blockchain innovation strategy and diversifying its financial holdings.
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