Bermuda’s re/insurance sector is positioned to exceed last year’s registration totals, based on recent data from the Bermuda Monetary Authority (BMA).
As of the end of July, the BMA had approved 38 new insurer registrations. This figure compares to a total of 63 insurer registrations for the entirety of 2024.
The year-to-date registrations in 2025 represent a range of entities, including traditional insurers, collateralized vehicles, and special-purpose insurers. Special-purpose insurers continue to be a significant driver of growth in the market.
The rate of new registrations in 2025 is outpacing the monthly averages recorded in 2024. In July, the BMA approved seven additional insurers, among them Pasaca Risk Solutions, Pembroke Insurance, Ascent Re, and Pula Re.
In 2024, the BMA recorded a total of 75 registrations, which included 63 insurers and 12 intermediaries. Collateralized insurers and restricted special-purpose insurers remain the most active categories, highlighting Bermuda’s ongoing role in insurance-linked securities.
Among the notable new entrants this year is Peak Reinsurance North America Ltd, a subsidiary of Hong Kong-based Peak Re. The company registered as a Class 3B reinsurer earlier in 2025.
Bermuda has also been strengthening its position as a leading captive domicile. The BMA granted licenses to 10 captive insurers in 2024 and approved a total of 53 insurance entities, including 10 intermediaries, between January and October.
According to AM Best, Bermuda is now the second-largest captive domicile globally, accounting for 10.6% of all captives. Vermont remains the largest, with 16.1%.
The BMA reported a steady pipeline of applications. In July, the Insurance Assessment and Licensing Committee reviewed seven applications, approving four, deferring two, and rejecting one as insufficient for review.
Bermuda experienced a peak in new insurer registrations in 2022, with 80 new insurers, marking the highest total in nearly a decade. Registration activity slowed in 2023, with 62 insurers registered, while 2024 saw a similar figure with 63 new insurer registrations over the year.
What are your thoughts on this story? Please feel free to share your comments below.
