Bermuda's re/insurance market recorded 58 new insurer registrations in 2025, falling slightly short of the 63 formations logged in 2024 but remaining within the jurisdiction's longer-term range, according to the Bermuda Monetary Authority's (BMA) latest Insurance Registration Statistics.
December contributed four new registrations – one Class E reinsurer, one Class C reinsurer, one collateralized insurer and one restricted special-purpose insurer. The entities added were Securian Reinsurance Company Ltd, Globe Life Re Ltd, Bartholdi Re Ltd and Windrose Re Ltd. Two intermediaries were also approved during the month.
The final push followed a stronger November, when eight new re/insurance entities were added, including seven re/insurers and one intermediary. That month had been the most active since April and raised expectations of a year-end surge, but December's four registrations left the jurisdiction short of 2024's total.
Still, the 2025 figure sits comfortably within the 60-to-75 band that has characterized annual formations since 2016, suggesting the market's underlying formation momentum remains intact.
The formation figures sit alongside a market of considerable scale. Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) reported 2024 gross written premium of more than US$188 billion and equity of US$178 billion.
Global claims paid since 2017 have exceeded US$1 trillion, highlighting the volume of business written out of the jurisdiction.
Those metrics help explain why Bermuda continues to attract new formations even in years when registrations track slightly below recent averages. For sponsors seeking efficient structures for insurance-linked securities, collateralized reinsurance and retrocession, the island remains a jurisdiction of choice.
Headed into 2026, the BMA reviewed 12 insurance applications in December, including 11 new submissions and one carried forward from a prior period. Of these, eight were approved, three were deferred and one was deemed insufficient for review.
The deferred applications and recent approvals suggest some formations may convert into registrations in the next few months, potentially giving the market a head start on matching or exceeding this year's total.
