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.
Harneys strengthens Bermuda law offering with new hire
23rd November 2023
Harneys, a global offshore law firm with a specialism in re/insurance law, has hired Bermudian Litigation, Insolvency and Restructuring Partner Henry Tucker and appointed him as the firm’s Bermuda Office Managing Partner, effective November 21. Tucker advises creditors groups, boards, shareholders, liquidators, trustees and beneficiaries of Bermuda structures in relation to ... Read the full article
CNO Financial launches Bermuda-based captive reinsurer
14th November 2023
CNO Financial has announced the establishment of CNO Bermuda Re, a Bermuda-based captive reinsurer, and is now working to complete an initial transaction that will cede $6.2 billion in fixed indexed annuities to it. “We have received all necessary approvals and are in the process of implementing the transaction with an ... Read the full article
Bermuda remains the ILS jurisdiction of choice
12th October 2023
With the outstanding catastrophe bond and related insurance-linked securities (ILS) market at an all time high on the back of a record-breaking first half of the year, the industry is meeting in Bermuda over the next two days for the annual Convergence event to discuss the market ... Read the full article
Bermuda’s position as financial hub won’t be unduly impaired by tax reforms: KBRA
10th October 2023
In a recent report, credit rating agency KBRA (Kroll Bond Rating Agency) has affirmed Bermuda's long-term issuer ratings and short-term issuer ratings of the sovereign. The agency's stable outlook for Bermuda underscores its confidence in the island's ability to weather global corporate tax reform efforts without significant disruption to its status ... Read the full article
Jake Nichols joins Aon as Global Reinsurance Clients Leader in Bermuda
25th September 2023
Global professional services firm Aon, has announced the appointment of Jake Nichols as Senior Managing Director, Global Clients Leader, Bermuda, within Reinsurance Solutions. As part of Aon’s Risk Capital capability, Nichols will develop innovative risk transfer solutions that optimise clients’ capital strategies, matching risk with capital to create growth opportunities for ... Read the full article
Solid underwriting discipline key for Bermudian re/insurers: S&P
18th September 2023
Bermuda-based insurers and reinsurers might well be set for a more positive future after some challenging years, but solid underwriting discipline, effective risk selection strategies, and prudence in claims / reserve management will be key, according to S&P Global Ratings. Analysts note how large nat cat losses, pandemic losses, Russia's invasion ... Read the full article
Opportunities for new reinsurance firm formations to remain limited: AM Best
1st September 2023
AM Best expects that capital inflows to the reinsurance sector in the US and Bermuda markets will "continue to be driven by established franchises with strong track records, while opportunities for new company formations will remain limited." As per a new AM Best report, Hurricane Ian represented a "breaking point" for ... Read the full article
We’re pretty upbeat about the Bermuda market: Inver Re’s Chris Bonard
11th August 2023
Reinsurance broker Inver Re continues to grow its team in Bermuda, adding expertise in numerous areas as it looks to expand alongside its unwavering commitment to have best in class data and analytics, leading Chris Bonard, CEO of Bermuda, to be pretty bullish about life on the island. In May 2021, ... Read the full article
Bermuda considering a corporate income tax that may impact re/insurers
9th August 2023
The Government of Bermuda has announced that it will issue a public consultation paper as part of its considerations on introducing a corporate income tax to apply to Bermuda businesses that are part of Multinational Enterprise Groups (MNEs) with annual revenue of €750M or more. The proposed corporate tax would be ... Read the full article
AM Best assigns “Excellent” credit ratings to newly launched Enact Re
2nd August 2023
US private mortgage insurance provider, Enact has launched a new Bermuda-based reinsurer, Enact Re Ltd. As a newly non-exclusive affiliate, it intends to operate primarily as a mortgage reinsurer but could eventually broaden its reach to write third-party business too. Enact Re received its class 3A Bermuda (re)insurance licence in May 2023. ... Read the full article
DARAG Bermuda concludes two North American captive transactions
19th July 2023
Legacy acquirer, DARAG Group, has announced the completion of two transactions with undisclosed North American captive insurance companies. The transactions have been written into DARAG Bermuda, the firm’s Bermudian insurance carrier. The first one was completed in May and the second was concluded in June 2023. They offer full legal finality for ... Read the full article
Inver Re forms Bermuda-based re/insurer & segregated accounts company
10th July 2023
Inver Re has announced the set up of a Bermuda-based Class 3 re/insurer and segregated accounts company, Inver Re (Bermuda) SAC Ltd. According to the firm, Inver Re (Bermuda) SAC Ltd. (Inver SAC) was registered in Bermuda by the regulator the Bermuda Monetary Authority (BMA) on May 24th 2023. Inver Re told ... Read the full article
Aegon to shift legal domicile to Bermuda
30th June 2023
Life insurer and asset manager Aegon has announced it is transferring its legal domicile to Bermuda. Its headquarters will remain in the Netherlands and it will also stay a Dutch tax resident. The group’s supervision will move from the Dutch Central Bank (DNB) to the Bermuda Monetary Authority (BMA). This, according to ... Read the full article
RenRe celebrates 30th anniversary
14th June 2023
RenaissanceRe, a global provider of reinsurance, celebrated its 30th anniversary on June 14, 2023. The company was founded in Bermuda in 1993 with the goal to bring a renaissance to the underwriting of property catastrophe reinsurance, Kevin J. O’Donnell, President and Chief Executive Officer, commented. Since then, RenRe has evolved into a ... Read the full article
Reinsurers to continue to protect their balance sheets: KBW
6th June 2023
Reinsurers' focus on protecting their balance sheets rather than absorbing earnings volatility has led to a trend of shifting unprofitable loss layers back to primary carriers, and executives expect this trend to continue throughout 2023 and likely into 2024, KBW noted. This trend is driven by rising reinsurance rates and ... Read the full article
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