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.
Subsidiaries could help Bermudian reinsurers mitigate new tax changes: Analysts
11th January 2018
The Buckingham Research Group (BRG) has said that Bermudian reinsurers could mitigate payments under the Base Erosion and Anti-Abuse Tax (BEAT), which is part of the newly approved tax bill, by establishing a new subsidiary. BRG recently held a conference call during which it discussed the potential impacts of the newly ... Read the full article
Sagicor plans to establish Bermuda based reinsurer
29th December 2017
Financial services firm Sagicor plans to set up a Bermuda-domiciled reinsurer as a next step after the firm relocated its holding company from Barbados to Bermuda last year, according to an International Monetary Fund (IMF) report. The Barbados-based Sagicor Life is the largest operating entity of the Sagicor group and is ... Read the full article
Bermudians’ reinsurance price increases may not live up to expectations: KBW
12th December 2017
Bermudian investors' expectations for reinsurance rate increases at the January renewals may not live up to expectations, although optimism remains for improving casualty reinsurance rates, said Keefe, Bruyette & Woods (KBW) analysts after holding meetings with key re/insurers last week. KBW said it remains “cautious on the Bermudians” as the initial ... Read the full article
Brit to relocate reinsurer from Gibraltar to Bermuda
7th December 2017
Specialty insurance and reinsurance firm Brit Ltd. is to relocate its Gibraltar domiciled reinsurer Brit Insurance (Gibraltar) PCC Limited, to Bermuda. After the process of moving the reinsurer's domicile is complete, Brit said that its Brit Insurance (Gibraltar) company will be renamed to Brit Reinsurance (Bermuda) Limited (Brit Re). Matthew Wilson, Brit, ... Read the full article
Bermuda reinsurers pay out $209bn to U.S. customers since 1997
22nd November 2017
Reinsurers in Bermuda have paid out a stunning $209 billion in losses to U.S. customers since 1997, including around $31 billion for losses from the recent hurricanes, according to data collected by the Bermuda Monetary Authority (BMA). The figure of $208.7 billion paid out to U.S. policyholders and cedants for losses ... Read the full article
Lutece Re begins Bermuda operations, focuses on retro
17th November 2017
Lutece Re has begun operating in Bermuda and plans to underwrite new business from January 1st 2018 with a near-term focus on retro. Erik Manning and Angus Ayliffe, both co-founders of Lutece Re and its affiliates will head up the management team. Lutece Chief Executive Officer, (CEO) Erik Manning, said the firm's ... Read the full article
Reinsurers believe loss gap will build to match $80-100bn estimates
14th November 2017
Amidst speculation over whether the sizable gap between re/insurers' reported losses and industry estimated losses will be filled, half of conference attendees polled at the 2017 Bermuda Reinsurance Conference said they expect total insured losses to continue to grow to match industry estimates of U.S. $80-100 billion. Q3 re/insurance losses could ... Read the full article
Gareth Davies joins Lockton in Bermuda from JLT
6th November 2017
Global insurance and reinsurance broker, Lockton, has announced the appointment of Gareth Davies, formerly Chief Executive Officer (CEO) of JLT Bermuda, as Senior Vice President (SVP), Property, Bermuda. Davies has more than 20 years of property broker experience in Bermuda, and has expertise in facultative reinsurance as well as alternative property ... Read the full article
ABIR reinsurers contribute $900m to Bermuda economy
29th September 2017
The Association of Bermuda Insurers and Reinsurers (ABIR) members contributed nearly $900 million to Bermuda’s Economy in 2016, according to the 12th annual member survey results published today by ABIR. This is up $52 million or 6% from 2015, however, the real impact of re/insurers on economy is “a multiple of that ... Read the full article
Bermudian reinsurers payout almost $73 billion to EU customers in 20 years
27th September 2017
Demonstrating the vital role played by Bermuda in helping to ensure global insurance and reinsurance market stability, the local market's reinsurers have paid out almost $73 billion to cedents from the European Union over the last 20 years. The Bermuda Monetary Authority (BMA) has collected and analysed commercial market claims data ... Read the full article
Re/insurance favourable reserve development to decline: Fitch
27th July 2017
Fitch Ratings expects Bermuda insurance and reinsurance market favourable reserve development to decline over the next couple of years, warning that any decrease could be accelerated by the speed and extent at which the reinsurance sector's favourable reserve development reduces. Recent analysis by global financial services rating agency, Fitch Ratings, explores the ... Read the full article
Bermudian re/insurers’ shift to primary business yet to pay off
20th July 2017
Underwriting income from reinsurance business over the last decade has been far more significant for Bermudian re/insurers than underwriting income from primary business, but this hasn't stopped firms' continued transition to a more insurance focused business mix, according to Fitch Ratings. Global financial services rating agency, Fitch Ratings, has examined the ... Read the full article
Neon hires Chris Conway to Bermuda Property Reinsurance team
7th July 2017
Insurance and reinsurance specialist Neon has announced the hiring of Chris Conway to its Bermuda Property Reinsurance underwriting team, as it looks to expand its activities in the United States market. Conway will report to Neon's Head of Property Reinsurance, Nick Pritchard, and joins the firm immediately. He will be tasked with ... Read the full article
Xceedance launches consulting & managed services for Bermuda marketplace
31st May 2017
International provider of insurance and reinsurance consulting and managed services, Xceedance, has expanded its services to support re/insurers domiciled in Bermuda, after the company's recent incorporation in the region. Arun Balakrishnan, Chief Executive Officer (CEO) of Xceedance, commented; "As a global consultancy and managed services provider, Xceedance is keenly aware of ... Read the full article
Bermuda’s Women in Reinsurance welcomes three new board members
8th May 2017
The organisation dedicated to promoting the professional development of women working in Bermuda's reinsurance market, Women in Reinsurance (WiRe), has today announced the appointment of three new board members - Tracey Gibbons, Peta White and Stephen Young. Kathleen Reardon, Chair of WiRe and Chief Executive Officer (CEO) of Hamilton Re, welcomed the ... Read the full article
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