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.
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
Dickinson named Non-Exec Director of Hiscox Insurance Company (Bermuda)
3rd July 2024
Specialist global insurer, Hiscox, has announced the appointment of Curtis L. Dickinson as a Non Executive Director for its subsidiary Hiscox Insurance Company (Bermuda) Limited (HIB) board, subject to regulatory approval. Dickinson, who has over 25 years of experience in investment and commercial banking across the USA, UK and Bermuda, will ... Read the full article
Bermudian BF&M and Argus amalgamation to enhance P&C, Life, Health, and Pensions portfolio
28th June 2024
BF&M Limited, the holding company of the BF&M group of companies, and Argus Group Holdings Limited has announced they plan to combine and create a new combined Bermuda-headquartered multi-line insurer. Both Bermudian companies have signed a definitive amalgamation agreement, pursuant to which BF&M and Argus will combine in an all-stock transaction. According ... Read the full article
BILTIR report analyses Bermuda’s long-term insurance market status
14th June 2024
The Bermuda International Long Term Insurers and Reinsurers (BILTIR), a trade association with over 70 member (re)insurance companies and service providers, has published a report examining the history and present condition of Bermuda's long-term insurance sector. The report, "Building for the Long Term: Examining the History, Future, and Importance of Bermuda’s ... Read the full article
ABIR names Collin Anderson Director of Policy and Regulation
6th June 2024
The Association of Bermuda Insurers and Reinsurers (ABIR), which represents the public policy interests of Bermuda’s re/insurers, has announced the appointment of Collin Anderson as Director of Policy and Regulation, starting July 1. With 23 years of experience in both public and private sectors, Anderson has a robust background that includes ... Read the full article
Andy Haste appointed new Group Chairman of Canopius following record-breaking year
23rd May 2024
Specialty re/insurer Canopius has appointed Andy Haste as its new Group Chairman, effective July 1, 2024, bringing extensive executive and non-executive experience to the role. He will chair the Group Board as Canopius aims to achieve its future goals following its record-breaking results in 2023. Haste has had a notable ... Read the full article
IRLA expands global network by launching new chapter in Bermuda
11th April 2024
The Insurance and Reinsurance Legacy Association (IRLA) has announced the launch of its new chapter in Bermuda, which is set to provide a platform for members to network, share best practices and access professional development opportunities across the region. According to the announcement, the IRLA Bermuda chapter is expected to promote ... Read the full article
Reinsurance broker platform Jireh Connect announces first ILW placement
30th January 2024
Jireh Connect, a digital platform for reinsurance brokers to manage placement processes online and part of Jireh Holdings, has announced the successful placement of its first industry loss warranty (ILW). Set up by insurance-linked securities (ILS) veteran Salvatore Tucci in Bermuda, Jireh Connect soft launched at the start of 2024. Since ... Read the full article
Returns will remain favourable for Bermuda reinsurers in 2024, says Fitch
22nd January 2024
Global ratings agency Fitch expects returns to remain favourable for Bermuda reinsurers in 2024 amid still attractive market conditions, with the underlying combined ratio anticipated to stabilise or improve slightly on the 85%-86% for 2023. According to Fitch, Bermuda reinsurers' underwriting profitability is "likely peaking at current levels," as price increases ... Read the full article
Bermuda’s insurance industry dominates financial landscape with over $1.6 trillion in assets
15th December 2023
As of December 31, 2022, Bermuda's total insurance assets accounted for US$1,634 billion, which is 83.7% of the total financial services sector assets, Bermuda's Coordinated Portfolio Investment Survey (CPIS) for the year 2022 by the Bermuda Monetary Authority (BMA) revealed. This revelation underscores the pivotal role played by the insurance sector ... Read the full article
Bermuda reinsurance market forecasts stability in property, tightening in casualty for 2024: KBW
13th December 2023
Executives from the Bermuda reinsurance market are expressing optimism about the 2024 property reinsurance operating environment, foreseeing stability in terms and conditions. While there is some divergence in views on January 1 property catastrophe rates, the consensus points towards a steady market. In the U.S. property catastrophe segment, there is a nuanced ... Read the full article
Bermuda government likely to pass “generational” tax legislation this week
13th December 2023
As per analysts from BMO Capital Markets, tax-related legislation, which is likely to be passed by the Bermudian government this week, "will push GAAP corporate income tax rates materially higher." Analysts at BMO said that this is a "once in a generation" tax code change, with headline income tax rates that ... Read the full article
WTW launches CyProtect Bermuda to fortify enterprises against evolving cyber threats
13th December 2023
Global advisory, broking, and solutions company, WTW has announced the launch of CyProtect Bermuda, a cutting-edge cyber insurance product designed and tailored to be a comprehensive solution for financial, professional, and executive risks. WTW’s new tool is targeted towards large enterprises operating in the Bermuda market, and it aims to set ... Read the full article
ABIR members contribute $815m to Bermuda economy in 2022
7th December 2023
The Association of Bermuda Insurers and Reinsurers (ABIR) has recorded a total direct contribution of $815 million to the local economy from member companies in 2022, up 13% over 2021. ABIR noted that its members’ economic contributions in 2022 include salaries and benefits paid to Bermuda-based employees, spending on travel and ... Read the full article
Bermuda aims to become the “climate risk capital”, the Government states as COP28 starts
1st December 2023
Bermuda has stated its ambition of becoming the world's “climate risk capital”, from its existing position as the underwriting hub of one third of the world's climate catastrophe insurance. The Government of Bermuda shared this statement in its White Paper, titled "The Bermuda Difference: Bringing expertise, resource, and finance to the ... Read the full article
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