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.
The Fidelis Partnership announces senior promotions for Bermuda Treaty team
15th September 2025
The Fidelis Partnership (TFP), a privately-owned managing general underwriter (MGU), has announced senior promotions for both its Bermuda Treaty team and Bermuda based underwriting leadership. These promotions will see Paget Hengesbaugh become Head of International Treaty. He joined TFP five years ago, having joined from Renaissance Re. Drew Tomlinson will become Head ... Read the full article
CatX and Cactus to merge, launch AI-driven risk platform in Bermuda
8th September 2025
Bermuda-based insurance technology firms CatX and Cactus have announced plans to merge, forming the island’s largest insurance software company. CatX provides AI-based risk intelligence and workflow tools for property, specialty, and catastrophe insurance, as well as a regulated digital exchange connecting insurers with investment funds. Cactus offers a digital workspace for underwriting ... Read the full article
IQUW Re Bermuda enhances product suite with Mortgage, Credit, and Cyber Risk
5th September 2025
IQUW Re Bermuda has expanded its predominantly Property Cat Reinsurance product suite with the additions of Mortgage, Credit, and Cyber Reinsurance to its portfolio. IQUW Re Bermuda stated that, supported by its strong balance sheet and capital foundation, the company is now well positioned to expand into new, diversifying lines of ... Read the full article
ABIR members see strong growth in 2024, despite elevated claims
4th September 2025
Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) recorded a solid performance in 2024, showing a 10% increase in premium written, an 8.5% rise in total equity and gross written premium (GWP) increased to over $188 billion, a record figure, according to a recently published report. ABIR’s Global ... Read the full article
Japanese insurers to favour Bermudian reinsurers: AM Best
1st September 2025
A recent report by credit rating agency AM Best, indicates a growing trend of Japanese insurers ceding business directly to Bermudian reinsurers or through existing Bermudian-based affiliates, depending on which option is more cost-effective. According to the report, the implementation of a new capital framework based on the International Capital Standard ... Read the full article
Bermuda re/insurers maintain favourable results amid modest softening: Fitch
26th August 2025
Fitch Ratings has reported that the eight Bermuda re/insurers it rates experienced declines in underwriting profitability and net earnings in H1 2025, though results remained strong overall, as premium growth slowed in a softening market environment. Fitch’s group of eight Bermuda re/insurers, which includes Arch, AXIS, Aspen, SiriusPoint, Everest, Hamilton, RenRe, ... Read the full article
McGill and Partners names Henderson as Bermuda CEO, Cantlay as President
24th July 2025
McGill and Partners, a specialist insurance and reinsurance broker, has announced the appointment of Julia Henderson as Partner and CEO of its Bermuda business. The firm also announced that George Cantlay, currently part of the global treaty reinsurance team in London, will take on the additional role of President of the ... Read the full article
AM Best downgrades Bermuda-based Berking Re credit ratings
22nd July 2025
AM Best has downgraded the credit ratings of Berking Re Limited, a Bermuda-based reinsurance company, citing concerns over the weakened credit fundamentals and the heightened contagion risk from its parent company, PFY Cayman. Berking Re’s Financial Strength Rating was lowered to C+ (Marginal) from B- (Fair) and the Long-Term Issuer Credit ... Read the full article
WTW grows Bermuda team with Thibault addition as Director, ICT
11th July 2025
WTW, a global advisory, broking and solutions company, is expanding its Bermuda office with the appointment of Cédric Thibault as Director to its Insurance Consulting and Technology (ICT) business. Thibault joins WTW with two decades of experience in both life and annuities, insurance and reinsurance, including strong expertise in the Bermuda ... Read the full article
AIG names Pierrick Livet as Head of Multinational, Bermuda
8th July 2025
Global insurer American International Group (AIG) has appointed Pierrick Livet as Head of Multinational, Bermuda. Livet brings over 15 years of insurance industry experience, specialising in complex international programmes and captive structures. He rejoins AIG after previously spending four years with the company (2017–2021), where he served as Senior Multinational Client Executive ... Read the full article
Bermuda continues to lead offshore life/annuity reinsurance: AM Best
7th July 2025
With over 40% of total ceded reserves for US life-annuity writers in 2024, Bermuda continues to be a “driving force” in offshore reinsurance, according to a recent report by AM Best. The report, titled “Bermuda Remains the Largest Offshore Life/Annuity Reinsurance Domicile,” further notes that Bermuda was involved in over 60% ... Read the full article
Bermuda’s long-term insurance sector maintains stability amid systemic risk concerns: BILTIR
13th June 2025
A recent independent report commissioned by Bermuda International Long Term Insurers and Reinsurers (BILTIR)—an association representing Bermuda-based long-term re/insurance companies—and conducted by Oliver Wyman, a global management consulting firm, has affirmed that Bermuda’s long-term re/insurance industry acts as a source of stability rather than risk within the global financial system. The ... Read the full article
Conduit Re continues to evolve reinsurance strategy amid desire to reduce volatility: CEO
15th May 2025
Conduit Re, a Bermuda-based reinsurer specialising in property, casualty, and specialty lines, has made some notable changes to its outward reinsurance strategy, aiming to better shield its portfolio from increasingly volatile secondary perils such as wildfires, floods, and convective storms. The new CEO Neil Eckert ... Read the full article
S&P cites Bermuda’s key insurance industry as islands sovereign ratings affirmed
14th May 2025
S&P Global Ratings has affirmed Bermuda’s long-term sovereign credit rating at 'A+' and its short-term rating at 'A-1', with a stable outlook. This reflects expectations of a steady macroeconomic environment underpinned by strong institutional frameworks, prudent fiscal policy, and a high-income economy. The stable outlook indicates S&P's view that Bermuda will maintain ... Read the full article
AM Best upgrade fuels casualty growth in strong market conditions: Hamilton CEO
12th May 2025
Hamilton Insurance Group, a Bermuda-based insurance and reinsurance provider known for its underwriting platforms, is making the most of favourable conditions in the casualty market—bolstered by a recent credit rating upgrade from AM Best, the credit rating agency. During the company’s Q1 2025 earnings call, CEO Pina Albo highlighted a strong ... Read the full article
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