Reinsurance News
Bermuda
The island of Bermuda is a key global insurance and reinsurance hub, with many of the world’s largest specialist companies located there.
Bermuda’s regulatory and business environment makes it an attractive and efficient place to operate insurance and reinsurance companies, while its proximity to the United States means the Bermuda market is a key trading partner for insurers and clients there.
Bermuda’s property, casualty and life insurers and reinsurers operate across 150 countries, while the Bermuda market reached $171 billion in gross written premium for 2023, up from $145 billion in 2022.
Bermuda reinsurers represent around 36% of the global reinsurance market, based on property/casualty net premiums earned.
Read all of our Bermuda insurance and reinsurance market news and analysis below.
ABIR sees 21% year-over-year growth in NPW in 2021 global underwriting results
1st September 2022
Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) reported a substantial 21% year-over-year increase in net premium written in 2021. ABIR’s global underwriting report, released earlier this week, comprises data from 25 of 29 member re/insurers for the calendar year of 2021. The group generated net premium written of ... Read the full article
Bermudian reinsurers’ underwriting lacklustre over last half decade: S&P
31st August 2022
S&P Global Ratings has released a new note, saying that the underwriting performance of Bermudian re/insurers has been lacklustre over the last five year with only a few companies being profitable. However, the organisation posited that better days could be ahead after half a decade of underperformance. It said that pricing ... Read the full article
Ocorian’s Bermuda offices deliver strong growth for captive insurance
25th August 2022
Ocorian, a provider of capital markets, and corporate and fiduciary services, has reported seeing a significant increase in the number of captives it supports, with its Bermuda offices showing particularly strong growth. According to the announcement, Ocorian believes that given the strength of its proposition, Bermuda will continue to grow its ... Read the full article
Insurance sector codes to be revised due to BMA Act amendment
15th August 2022
Insurance sector codes in the Bermuda Monetary Authority Act 1969 (BMA Act) have been revised as part of the passing of a bill to amend the BMA Act by adding a principal object to cover matters related to the conduct of business by financial institutions. The BMA Act is the statute ... Read the full article
Milliman opens new office in Bermuda
10th August 2022
Global consulting and actuarial firm Milliman has announced the opening of a new office in Bermuda. Milliman says the office will offer a “more formalized presence” on the island, and comes in response to increasing demand for insurance consulting and technology support. "We are excited to officially announce the opening of Milliman's Bermuda office," said ... Read the full article
Oliver Wyman opens new Actuarial office in Bermuda, appoints leader
2nd August 2022
Oliver Wyman, a global management consulting firm and business of Marsh McLennan has announced the opening of a new Actuarial office in Bermuda. The firm has also announced that Faisal Haddad has been appointed as Head of the Bermuda Actuarial team. Haddad has more than 15 years of diverse international industry experience ... Read the full article
ABIR roundtable celebrates Lloyd’s partnership
21st June 2022
Leaders from Bermuda and Lloyd’s reinsurance markets joined Bermuda’s Premier and Minister of Finance, David Burt MP, in a roundtable discussion in London. Premier Burt visited the UK last week for a series of meetings aimed at building relationships and stimulating additional growth in the island’s financial services ... Read the full article
Trade association for the digital asset industry launches in Bermuda
13th June 2022
Bermuda has launched what it calls the ‘first digital asset industry association’ of companies that are fully licensed and regulated within the territory. The announcement was made in a key note speech given by premier David Burt at Consensus. He said that the 14 leading digital asset companies licensed by the ... Read the full article
Bermuda re/insurers still in “early stages” of ESG, study shows
24th May 2022
A new study by Oxbow Partners, a specialist management consultancy for the insurance industry, in partnership with the Bermuda Business Development Agency (BDA), shows that the Bermudian insurance and reinsurance industry is still in the “early stages” of its ESG development. Based on a survey of over 20 large Bermudian (re)insurers ... Read the full article
Bermuda market now backs nearly a third of UK terrorism risk: ABIR
3rd May 2022
Bermuda re/insurers now back nearly a third of terrorism risk in the UK by supplying retrocession to Pool Re, according to data from the Association of Bermuda Insurers and Reinsurers (ABIR). ABIR reported that its member companies now supply 32%, or £770 million of terrorism retrocession capacity to the UK’s terrorism ... Read the full article
AXA XL hires Snyder as VP, Senior Underwriter, Excess Casualty, Bermuda
29th April 2022
AXA XL has appointed Christine Snyder to its Bermuda Insurance Excess Casualty team as Vice President, Senior Underwriter. Within this role Snyder’s responsibilities will include delivering profitable underwriting service to clients, which will involve her developing and managing underwriting strategies for renewed and new business within AXA XL’s Excess Casualty portfolio, ... Read the full article
Leaders say Bermuda committed to tax standards, ahead of Annex II removal
1st March 2022
Industry leaders representing market bodies in Bermuda have maintained that the country remains committed to cooperation and compliance with global tax standards, ahead of Bermuda’s expected removal from Annex II. The European Union (EU)’s Annex II state of play document includes jurisdictions that do not yet comply with all international tax ... Read the full article
Aanika Biosciences accepted into BMA Reinsurance Innovation Hub
28th February 2022
Aanika Biosciences, an emerging biotech company that uses microbial based technologies to improve food safety, has received acceptance into the Bermuda Monetary Authority’s (BMA) Innovation Hub. The program will allow reinsurers to explore how the application of Aanika’s traceability and prevention technology can help reduce the size of claims while lowering ... Read the full article
ABIR welcomes Aon as new member
21st February 2022
Aon has joined the Association of Bermuda Insurers and Reinsurers (ABIR). A statement from ABIR said that Aon was joining Marsh McLennan/Guy Carpenter, Willis Towers Watson, and Lockton Re on ABIR’s Broker Advisory Cabinet, a body that allows for collaborative efforts among Bermuda's leading re/insurers and brokers. Recently, ABIR reported ... Read the full article
ABIR member firms contribute $8.5bn to Bermuda economy over a decade
2nd February 2022
The Association of Bermuda Insurers and Reinsurers (ABIR) has reported that its members contributed a significant $8.5 billion to the Bermudian economy over the decade ended 2020. The figures reported include the findings of the 16th annual ABIR Bermuda Economic Substance Survey, which documents a direct economic contribution of $722 million ... Read the full article
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