Bermuda saw a slight increase in new re/insurer formations in October, but activity remains below the pace set at the beginning of 2025, according to the Bermuda Monetary Authority’s (BMA) latest data.
The BMA recorded five new registrations in October: two Class E long-term reinsurers, two restricted special-purpose re/insurers and one broker. That brought the year-to-date tally to 47 re/insurers and one intermediary.
October’s total was ahead of September, when only two new re/insurers were added. However, the recent run rate is still slower than the first half of the year, when formations were more frequent.
Earlier in the year, the picture looked stronger. BMA figures showed 38 new re/insurance registrations approved by the end of July, compared with 63 for all of 2024, indicating that 2025 had been running ahead of last year’s pace before the recent slowdown. Those registrations covered a mix of traditional re/insurers, collateralized entities and special-purpose vehicles.
Across August and September, Bermuda logged just five new registrations in total. With October contributing another five, the jurisdiction is now averaging fewer new entities per month than the more than five-per-month clip seen earlier in 2025.
To reach last year’s count of 63 new re/insurers, the island would need to add roughly eight registrations per month over November and December. That level of activity would be needed to keep annual formations in line with the recent trend.
The mix of new business so far this year continues to highlight Bermuda’s position in alternative re/insurance capital. Collateralized re/insurers and restricted special-purpose re/insurers have been the most active categories in 2025, reinforcing the island’s role in the insurance-linked securities market, and new arrivals have included Peak Reinsurance North America Ltd, which registered as a Class 3B reinsurer earlier in the year.
Bermuda has also added several commercial and long-term reinsurers across multiple classes this year. In October, the Class E segment grew with the registration of Fortitude Carlyle Asia Re Ltd and L&G Reinsurance USA Ltd.
The BMA’s Re/insurance Assessment and Licensing Committee reviewed eight applications during October, all of which were new submissions. Seven were approved, while one was deferred for further consideration.
Alongside registration activity, market indicators point to continued expansion among large Bermuda-based groups. The Association of Bermuda Insurers and Reinsurers reported a 10% year-over-year increase in 2024 gross written premium to more than US$188 billion, and the BMA’s 2025 Global Financial Crisis Stress Test found that most long-term reinsurers maintained capital levels comfortably above regulatory thresholds.
Registration volumes in Bermuda have shown cyclical patterns over time. After reaching a near decade-high of 80 re/insurers in 2022, annual totals have settled in the low 60s over the past two years, and with two months left in 2025 the island remains within reach of that range.
A stronger close in November and December would be needed to match or exceed those recent totals. The final figures will indicate whether the latest moderation in new re/insurance formations is temporary or the start of a more sustained shift.
