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.
Re/insurer resilience a “bright light” in Bermuda’s economy: PwC’s Wightman
28th January 2022
Arthur Wightman, Territory leader for PwC Bermuda, has described the insurance and reinsurance sector’s resilience as a “bright light in Bermuda’s economy,” as part of a PwC report that shows growing optimism among CEOs regarding the global economy. After surveying thousands of CEOs between October and November last year, PwC found ... Read the full article
Eliot Partnership opens Sydney office, led by Graeme Young
27th January 2022
Eliot Partnership, a global insurance sector executive search firm, has opened its sixth office located in Sydney, Australia, which will be led by Graeme Young. Young has relocated from Eliot’s New York office and will operate alongside the firms’ existing Asia operation based in Singapore, which is led by Senior ... Read the full article
Martello Re and SFG Bermuda join BILTIR
24th January 2022
Martello Re and SFG Bermuda have joined the Bermuda International Long-Term Insurers and Reinsurers (BILTIR). The two companies entering BILTIR will reportedly bump the association’s total number of members up to 64, up from the five it began with in 2011. Martin Laframboise, executive director of BILTIR said he was pleased to ... Read the full article
Bermuda’s tax status to be affected by 15% minimum tax rate
19th January 2022
The net profitability gap between Bermuda and non-Bermuda incorporated companies is likely to narrow over time given the implementation of the OECD-driven multilateral agreement to establish a 15% global minimum tax rate, according to Fitch Ratings. The rating agency warned that although the overall benefits of maintaining a Bermuda market domicile ... Read the full article
IQUW appoints Rene Lamer to Bermuda-based MD role
9th December 2021
IQUW has announced he appointment of Rene Lamer to the firm’s Bermuda office as Managing Director – Underwriting and Operations. He joins the company to help build out the underwriting and operational capabilities of the region's new platform. Lamer reports to Stephen Young, who recently joined as Head of Reinsurance and CEO Bermuda.Read the full article
ABIR makes Public Policy & Government Relations hire
15th November 2021
The Association of Bermuda Insurers and Reinsurers (ABIR) has announced the appointment of Lynesha Lightbourne as Assistant Director of Public Policy and Government Relations. Lightbourne arrives with 18 years of business development, financial services, and high net worth client service experience, and joins ABIR from the Bermuda Business Development Agency (BDA), ... Read the full article
Adderley takes Office Managing Partner position at Appleby
22nd October 2021
Global law firm Appleby has announced the appointment of Brad Adderley as its new Office Managing Partner in Bermuda, effective 1 January 2022. Tim Faries, who has completed two terms as Office Managing Partner in Bermuda, will continue with his global position as CEO of Appleby Global Services (AGS), Appleby’s specialist ... Read the full article
Bermuda’s tax status for the re/insurance sector to reduce: Fitch
20th October 2021
Bermuda's tax status for the insurance and reinsurance industry will be lowered following the expected passage of the multilateral agreement to establish a 15% global minimum tax rate, reports Fitch Ratings. Historically, Bermuda-based re/insurers have benefited from a low effective tax rate due to the lack of a Bermuda corporate income ... Read the full article
McGill to launch Bermuda operation, led by Kate Vacher
4th October 2021
Specialist re/insurance broker McGill and Partners has announced that it will officially open a Bermuda office later this month, led by Chief Executive Officer (CEO) Kate Vacher. The Bermuda hub, which has already received regulatory approval, is expected to complement McGill and Partners’ other international operations as the firm continues to ... Read the full article
Ariel Re adds Occam’s Carr to London office as Head of Cyber
23rd September 2021
Bermuda-based reinsurer Ariel Re has added Daniel Carr to its London office as Head of Cyber, effective October 1. Carr most recently served for Occam Underwriting as as Chief Innovation Officer and Cyber Lead. Prior to that he worked as a Cyber Security Specialist with AEGIS in London. Ariel Re says this addition ... Read the full article
Lockton Re joins ABIR’s Broker Advisory Cabinet
13th September 2021
Lockton Re, the reinsurance arm of independent insurance broker Lockton, has joined The Association of Bermuda Insurers and Reinsurers' (ABIR) Broker Advisory Cabinet. ABIR’s Broker Advisory Cabinet is a body that allows for collaborative efforts among Bermuda’s leading re/insurers and brokers to sustain the island’s successful international re/insurance market. A privately held ... Read the full article
Bermuda re/insurers paid out $65bn+ in claims to EU clients since 1997: BMA
18th August 2021
From 2016 to 2020, Bermuda-based insurers and reinsurers paid out USD 29.3 billion to policyholders and cedants located in the European Union (EU), for both property and casualty (P&C) and life insurance claims, according to data collected by the Bermuda Monetary Authority (BMA) in June 2021. Interestingly, the almost USD 30 ... Read the full article
BMA pegs Bermuda re/insurers’ Uri payments to US clients at $2.7bn
23rd July 2021
The Bermuda Monetary Authority (BMA) has said that Bermuda insurers and reinsurers are set to incur gross claim losses of $2.7 billion as payments to U.S. policyholders and cedents as a result of the impacts of winter storm Uri. The devastating storm arrived on the country’s President’s Day weekend bringing damaging ... Read the full article
Bermuda joins OECD global taxation plan
5th July 2021
The Government of Bermuda has announced that the country will join the OECD ('Inclusive Framework') for international taxation. Bermuda says the move reflects its commitments to transparency, cooperation and high levels of compliance with international standards. Curtis Dickinson, the Minister of Finance for Bermuda, has previously responded to the global minimum ... Read the full article
No question you’ll see more life reinsurers in Bermuda: Brad Adderley, Appleby
2nd July 2021
While the emergence of property and casualty (P&C) startups in Bermuda is likely to be muted in the months ahead, the influx of life reinsurers is expected to continue and will only strengthen the Bermuda marketplace, according to Brad Adderley, Partner at global law firm Appleby. An expectation of significant rate ... Read the full article
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