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.
US policyholders and cedants to claim $13bn from Bermuda due to Hurricane Ian
7th December 2022
Data collected by the Bermuda Monetary Authority (BMA) suggests that re/insurers in the area will incur gross claim losses of more than $13bn in payments to policyholders and cedants in the US due to Hurricane Ian. The BMA said that based on publicly available estimates from catastrophe risk modellers and insurance ... Read the full article
BMA finds uptick in Bermuda insurers buying cat reinsurance
7th December 2022
A new study by the Bermuda Monetary Authority (BMA) on catastrophe modelling practices on the island has found a significant uptick in the proportion of insurers purchasing external catastrophe reinsurance. The BMA asked insurers how their cat risk modelling reflects their reinsurance and retrocessional purchases, and found that the number of ... Read the full article
AI use in Bermuda re/insurance market low, but set to accelerate: BMA
2nd December 2022
A new report by the Bermuda Monetary Authority (BMA) has concluded that use of artificial intelligence and machine learning technologies in the Bermuda re/insurance market is still currently in its infancy, but is set to pick up significantly over the next five years. Machine learning, which focuses on the use of ... Read the full article
BMA notes growth in Bermuda cyber and climate risk captives
24th November 2022
The Bermuda Monetary Authority (BMA) has noted a “significant growth increase” in the number of organisations using captives for cyber insurance and climate risk as part of their overall management of risk. In a new report on the state of the Bermuda captive market, the BMA says the sector has proved ... Read the full article
Bermuda, Cayman & Barbados captives still outperforming commercial peers: AM Best
22nd November 2022
Rated Bermuda, Cayman Islands and Barbados (BCIB) captive insurance companies have continued to outperform US commercial casualty peers, with a combined ratio approximately 13 percentage points better over the most recent five-year period, suggests a recent AM Best report. The report notes that the present hard insurance market has provided growth ... Read the full article
BILTIR appoints new Exec Director & Advisor
8th November 2022
The Bermuda International Long Term Insurers and Reinsurers (BILTIR) has appointed Christine Patton as Executive Director. At the same time, BILTIR has also appointed Curtis L. Dickinson as Executive Advisor. Patton will join BILTIR on November 21, 2022. Her executive and non-executive career in the international business sectors of Bermuda and Australia has spanned ... Read the full article
Gary Harris re-joins Appleby’s Bermuda Office
28th October 2022
Appleby expands its corporate practice with the announcement that partner Gary Harris is re-joining its Bermuda office. Harris joins Appleby from Fortitude Re, where he has been Head of Legal and Compliance in Bermuda for close to three years. His first tenure at Appleby began in 2014, where he advised commercial insurers, ... Read the full article
Benefits & risks to US life dependence on Bermuda reinsurance, says ALIRT
25th October 2022
According to an ALIRT Insurance Research report, there are both benefits and risks to US Life insurers' growing dependence on Bermuda reinsurance, adding the nexus is likely poised to grow. The use of Bermuda reinsurance has grown significantly over the last five years, says ALIRT, becoming a core strategy for many ... Read the full article
McDonald’s heads to Bermuda for its insurance arrangements
27th September 2022
Fast-food giant McDonald’s is moving its global insurance operation to Bermuda from Dublin and is tailing off its Irish vehicle, says a report from the Irish Independent. Managed by Aon in Ireland, the Irish unit, Golden Arches Insurance, has directed McDonald’s global insurance unit for nearly three decades. The report affirmed that ... Read the full article
BMS Re appoints McDowell as Bermuda CEO
12th September 2022
Specialty reinsurance broker BMS Re has appointed Chris McDowell as CEO of BMS Re Bermuda. His appointment is effective November 26, 2022, following the completion of his notice period and any requisite regulatory approvals. At the same time, the company has also appointed Mario Binetti as head of casualty treaty and actuarial ... Read the full article
LGT Capital Partners expands Lumen Re and welcomes external investor
12th September 2022
LGT Capital Partners has announced that US-based investor, The Kresge Foundation, has become an external equity investor in its reinsurer Lumen Re, in addition to the appointment of two senior managers in Bermuda. Structured as a co-investment alongside the Princely Family of Liechtenstein, this direct equity investment in Lumen Re is ... Read the full article
Bermuda remains a global hub for P&C re/insurance: S&P
8th September 2022
A new note from S&P says that Bermuda has become a global financial hub for property/casualty re/insurance, with a growing presence in life re/insurance. This, said the firm, had happened due to the amount of related premiums written by Bermudian re/insurers. According to S&P Global Ratings, Bermuda's share of the global ... Read the full article
Capitalization remains a key ratings strength for Bermudian re/insurers: S&P
6th September 2022
According to a recent S&P Global Ratings report, capitalization remains a key ratings strength for Bermudian re/insurers amid opportune capital raises. Per S&P’s risk-based capital adequacy model, Bermudian re/insurers' aggregate capitalization was redundant at the 'AA' confidence level at end of 2021. Despite outsized losses from natural catastrophes and COVID-19 impairing operating ... Read the full article
Nick Pritchard joins Aon in Bermuda retro broking role
2nd September 2022
Nick Pritchard has joined Aon as managing director for property retrocession in Bermuda. The move was announced on LinkedIn, with Pritchard joining the firm after two years with Vantage Risk Companies as its SVP and head of property catastrophe. Prior to Vantage, Pritchard spent three-and-a-half years at Neon, as the head ... Read the full article
Hybrid re/insurance model becoming more popular in Bermuda, says S&P
1st September 2022
Most Bermudian re/insurers have adopted a hybrid model as a common solution to volatility, says a recent S&P report. Several years of obstacles, which have included a barrage of catastrophic events, the COVID-19 pandemic, rising inflation, and the ongoing Russia-Ukraine conflict have exacerbated losses for the global insurance industry. Yet with any ... Read the full article
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