Bermuda’s re/insurance market registered three new companies in August, maintaining momentum for 2025 and putting the sector on track to surpass last year’s total, according to the Bermuda Monetary Authority (BMA).
The BMA reported the registration of 123 Lights Re Ltd and Wayfare Re Ltd as restricted special purpose insurers, and Ryan Alternative Capital Re Ltd as a collateralized insurer. These additions bring the year-to-date total to 41 new insurers, up from 38 at the end of July. The market appears poised to exceed the 63 new registrations recorded in all of 2024.
Much of the growth continues to come from the insurance-linked securities sector, with 16 restricted SPIs and eight collateralized insurers established so far this year. The tally also includes a mix of captives, life reinsurers, and a long-term insurer.
The BMA’s Insurance Assessment and Licensing Committee reviewed eight applications in August, approving six and deferring two. Registration figures in Bermuda have shown cyclical patterns in recent years, with 80 new insurers in 2022, 62 in 2023, and 63 in 2024.
The current pace of registrations in 2025 suggests a potential reversal of that trend, with the market on track for another active year.
With its status as the premiere reinsurance hub, Bermuda’s commercial insurers and reinsurers have seen significant claims activity in recent years. Between 2016 and 2024, the sector incurred US$1.1 trillion in gross claims costs globally, with US$211 billion paid out in 2024 alone. The Association of Bermuda Insurers and Reinsurers (ABIR) reported a 10% year-over-year increase in gross written premium for 2024, reaching over US$188 billion.
That said the Bermuda Monetary Authority’s 2025 Global Financial Crisis Stress Test found that most companies in the Bermuda long-term reinsurance sector are maintaining capital levels well above regulatory requirements. The BMA concluded that strong initial capitalization and effective risk management practices position the sector to withstand severe financial shocks.
Bermuda has also strengthened its position as a leading captive domicile. The BMA granted licenses to 10 captive insurers in 2024, and the island now accounts for 10.6% of all captives globally, ranking second only to Vermont.
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