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.
Global minimum tax rules are topic number one: Scott Slater, PwC Bermuda
26th May 2023
The introduction of rules to enforce a global minimum tax rate for large enterprises, which will include many insurance and reinsurance firms, is the highest priority topic for most tax leaders, according to Scott Slater of PwC Bermuda. Scott Slater is a a Partner and the Tax Services ... Read the full article
QBE Re appoints Andy Richardson as Head of Underwriting, Bermuda
13th April 2023
QBE Re, the reinsurance division of QBE Insurance Group, has announced that it has appointed Andy Richardson as Head of Underwriting for Bermuda. He will report to Tracey Gibbons, Head of QBE Re Bermuda and will take up the new role at the beginning of June subject to Bermuda immigration. In this ... Read the full article
DARAG Bermuda concludes agreement with Cayman-based captive
3rd April 2023
Leading legacy acquirer, DARAG Group has announced the conclusion of an agreement between an undisclosed Cayman-based captive company and its Bermudian insurance carrier, DARAG Bermuda Ltd. (DBL). According to the announcement, the transaction structure is a renewal of a previous novation agreement, with DBL assuming additional policy years. This agreement will allow ... Read the full article
Re/insurers are taking steps to move the ESG needle: Marisa Savage, PwC Bermuda
13th March 2023
As environmental, social and governance (ESG) adoption continues to accelerate in the reinsurance and insurance-linked securities (ILS) world, the focus right now is on the environmental side of things amid the urgent need to transition to a low carbon economy, according to Marisa Savage, Partner in the PwC Bermuda Insurance ... Read the full article
Bermuda-based reinsurance broker ReFlex Solutions launches
8th March 2023
Industry veteran Neville Ching has launched ReFlex Solutions Ltd, an independent reinsurance brokerage with operations in Bermuda and plans for expansion into London and the USA. Ching, CEO and Founder of ReFlex, commented, “ReFlex has been a year in the workshop, and I am delighted to be opening this new venture. "In this ... Read the full article
BILTIR endorses regulatory enhancements for Bermuda life re/insurers
27th February 2023
Bermuda International Long Term Insurers and Reinsurers (BILTIR) has announced its support towards the proposed enhancements to the regulatory and supervisory regime for long-term commercial insurers, reinsurers and insurance groups on the island. Last week, February 24, the Bermuda Monetary Authority’s (BMA) issued its first consultation paper, which it said is ... Read the full article
McManus & Kapfer to lead Gallagher Re’s specialty and indexed capabilities in Bermuda
21st February 2023
Global reinsurance broker Gallagher Re has announced the appointment of Alex McManus and Romain Kapfer to lead its index-based capabilities and specialty business in Bermuda, respectively. Effective immediately, McManus will lead index-based initiatives on the island working closely with Gallagher Securities, the insurance-linked securities (ILS) arm of Gallagher Re. His appointment, Gallagher ... Read the full article
Grant Thornton Ireland adds Bermuda’s Arthur Morris & Company to network
30th January 2023
Professional services giant, Grant Thornton Ireland has announced that Bermuda firm, Arthur Morris & Company Limited, will join its network in a move that will support the expansion of its services and industry focus to its clients. The announcement comes as Grant Thornton continues to drive its international footprint. Grant Thornton Ireland ... Read the full article
Bermuda re/insurers to see improved pricing & performance in 2023: Fitch
24th January 2023
Despite heightened catastrophe losses and economic uncertainty, Fitch Ratings expects improved underwriting performances for Bermuda re/insurers in 2023, driven mainly by accelerating premium rates, alongside a market reset in pricing, terms and conditions. The rating agency states that the underwriting performances of Bermuda re/insurers are positioned to improve as the aforementioned ... Read the full article
Bermuda’s insurers can increase global resilience: PwC’s Wightman
17th January 2023
Arthur Wightman, PwC Bermuda territory and Insurance leader, has suggested that Bermuda’s insurers have a substantial opportunity to increase global resilience. Wightman's comments follow a PwC Global CEO Survey which polled 4,410 CEOs in 105 countries and territories, including Bermuda and the Caribbean region, throughout October and November in 2022. PwC's survey ... Read the full article
AXA XL names Tonia Morgan as CFO Reinsurance Bermuda
12th January 2023
AXA XL, the property & casualty and specialty risk division of AXA, has appointed Tonia Morgan as CFO Reinsurance Bermuda. She joined the company in 2018 as Manager Financial Reporting and Analysis for Alternative Capital before being appointed Head of Finance Reinsurance and Alternative Capital in 2020, her most recent role. Prior ... Read the full article
Bermuda market cat risk exposure up 10% through 2021
23rd December 2022
New catastrophe risk exposure data from the Bermuda Monetary Authority (BMA) shows that, for the year 2021, the net loss exposure assumed by Bermuda insurers increased by 9.76%, from $76.45 billion in 2020 to $83.92 billion. Analysts also reported that the gross loss exposure assumed increased by 8.03%, from $208.30 billion ... Read the full article
Paddy Cole named SVP, Professional Liability of Arcadian Risk Capital’s Bermuda team
21st December 2022
Managing General Agent (MGA) Arcadian Risk Capital has appointed Paddy Cole as Senior Vice President, Professional Liability of its Bermuda PL team, where he will work alongside Sally Gibson - EVP Professional Liability. He joins from Markel where he served for just under nine years. During his tenure at Markel, Cole served ... Read the full article
Symetra Bermuda Re completes first annuity reinsurance transaction
21st December 2022
Symetra Financial Corporation, a wholly owned subsidiary of Sumitomo Life Insurance Company, has announced the launch of Symetra Bermuda Re Ltd., which has recently completed its first reinsurance transaction. According to the announcement, the new operation will reinsure certain risks of Symetra Life Insurance Company, a subsidiary of Symetra Financial Corporation. Registered ... Read the full article
BILTIR welcomes BMA decision on regimes for commercial insurers
15th December 2022
Bermuda International Long-Term Insurers and Reinsurers (BILTIR) has welcomed the decision of the Bermuda Monetary Authority (BMA) to make targeted enhancements to regulatory and supervisory regimes for commercial insurers. In a notice to the market, the BMA said the enhancements mostly focus on the regulatory and supervisory frameworks for long-term (Life) ... Read the full article
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