Reinsurance News
Bermuda Monetary Authority
Bermuda’s commercial long-term insurance sector GWP hit $200bn in 2024: BMA
30th December 2025
Bermuda’s commercial long-term insurance sector continued to grow in 2024, with gross written premiums (GWP) increasing 17.8% year-on-year to reach US$200.1 billion, with total assets increasing by 19.1%, according to the latest figures from the Bermuda Monetary Authority (BMA). The ‘Bermuda Long-term Insurance Market Analysis and Stress Testing Report’ attributes this ... Read the full article
Bermuda P&C re/insurance sector net income increased 22.5% in 2024: BMA
23rd December 2025
In 2024, Bermuda’s international property and casualty (P&C) re/insurance sector reported a 22.5% increase in net income to $30.9 billion, up from $25.2 billion in 2023, according to the Bermuda Monetary Authority (BMA). The combined ratio increased by 3.5 percentage points year over year to 79.6% from 76.1%, although the sector ... Read the full article
Meanwhile secures $82m to meet growing demand of bitcoin-denominated life insurance
10th October 2025
Meanwhile, a bitcoin life insurer regulated by the Bermuda Monetary Authority, has successfully raised $82 million in new capital to meet strong demand for inflation-proof savings and retirement products. The round was co-led by Bain Capital Crypto and Haun Ventures with Pantera Capital and additional participation from Apollo, Northwestern Mutual Future ... Read the full article
Total claims costs from 2016-2024 hit $1.1trn for Bermuda commercial re/insurers: BMA
15th September 2025
From 2016 to 2024, Bermuda commercial insurer and reinsurer incurred $1.1 trillion in gross claims costs to policyholders and cedants globally, according to data from the Bermuda Monetary Authority (BMA). Over the nine-year period, Bermuda re/insurers incurred a total of $831 billion in gross claims costs to US, Europe, and UK ... Read the full article
Bermuda re/insurers continue to support US policyholders amid cat losses: BMA
1st May 2025
Bermuda-based re/insurers are expected to face gross claim losses nearing US$10 billion in payments to policyholders and cedants in the United States following the catastrophic January 2025 wildfires in Southern California. These fires, which have become the most costly wildfire disaster in US history, were intensified by hurricane-force winds and worsened ... Read the full article
BMA data suggests majority of Bermudian insurers purchased external cat reinsurance in 2023
30th December 2024
A new study by the Bermuda Monetary Authority (BMA) on catastrophe risk modelling practices on the island has found that the number of insurers purchasing little or no external catastrophe reinsurance decreased in 2023, which reflects the heightened demand for coverage during the year. The BMA asked insurers how their cat ... Read the full article
Bermuda’s P&C re/insurance sector saw improved CoR and net income in 2023: BMA
24th December 2024
Bermuda’s international Property and Casualty (P&C) re/insurance sector saw significant improvements in combined ratio and net income in 2023, driven by continued price improvements, stricter terms and conditions, limit and aggregation management, and favourable investment returns, according to the Bermuda Monetary Authority (BMA). Despite this progress, the BMA highlighted ongoing global ... Read the full article
Nature of Bermuda’s growing life reinsurance market is evolving: Cooper, PwC Bermuda
17th September 2024
The Bermuda life reinsurance market has expanded rapidly in recent times, and in 2024 alone, the Bermuda Monetary Authority (BMA) has licensed an additional seven new players, while both existing and new entities have looked to innovate and refine their offerings, according to Damian Cooper, an experienced audit focused Partner ... Read the full article
Meanwhile secures regulatory approval from BMA for full commercial licence
13th August 2024
Meanwhile, the first and only life insurer operating entirely in Bitcoin (BTC), has received regulatory approval from the Bermuda Monetary Authority (BMA) to function as a permanent commercial long-term insurer. This approval follows Meanwhile's successful $19 million funding from two seed rounds in June 2023. The company’s operating subsidiary, Meanwhile Insurance ... Read the full article
As the BMA tightens regulations, Bermuda continues to attract global re/insurers: BILTIR
15th July 2024
Bermuda has successfully continued to attract global re/insurers as the Bermuda Monetary Authority (BMA) continues to introduce significant new requirements to regulate the market in its jurisdiction, a move that has had a very significant financial impact on the island's life and long-term sector, according to BILTIR’s CEO Suzanne Williams-Charles. In ... Read the full article
Lloyd’s & BMA strengthen commitment for innovation & education access via MoU
29th May 2024
Lloyd’s, a global insurance and reinsurance marketplace, has announced the signing of a Memorandum of Understanding (MoU) with the Bermuda Monetary Authority (BMA) to bolster its commitment to driving innovation and education access. The initiative, announced in March, focuses on leveraging the Lloyd’s Lab to drive innovation and enhance educational ... Read the full article
Lloyd’s and BMA spark initiative to drive innovation and education access
14th March 2024
The Lloyd’s insurance and reinsurance market and the Bermuda Monetary Authority (BMA) have committed to developing an initiative that will reportedly drive closer collaboration and alignment on sharing risk expertise between the two major (re)insurance hubs. Lloyd's stated that the focus of this initiative will be on fostering innovation through the ... Read the full article
BMA outlines expectations for legacy re/insurers assuming corporate liabilities
4th January 2024
The Bermuda Monetary Authority (BMA) has released guidelines outlining its expectations for legacy re/insurers engaged in assuming corporate liabilities, particularly those involving non-insurance corporations with risk characteristics resembling traditional insurance obligations. The regulatory framework addresses entities specialising in managing long-tailed liabilities, including those associated with historical asbestos and environmental exposures. The BMA's ... Read the full article
BMA & White Rock joint action violates automatic stay provision, says Vesttoo
21st August 2023
In a recent filing to the U.S. bankruptcy court, insurtech Vesttoo has said that joint action launched in the Supreme Court of Bermuda by the Bermuda Monetary Authority (BMA) and Aon's White Rock (SAC) Ltd. last week, violates the automatic stay under its Chapter 11 cases. On Friday, the BMA ... Read the full article
Vesttoo announces liquidation of its collateralized insurer in Bermuda
9th August 2023
Vesttoo Alpha P&C Ltd., launched as a collateralized insurer class of company in Bermuda in July of 2022 by Vesttoo, is being liquidated as the insurtech opts to "focus its activities on a limited number of high-quality and large markets" as the investigation into allegations of fraudulent LOCs continues. It's understood ... Read the full article
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