QBE has launched a primary insurance operation in Bermuda, its first on the island, as the global re/insurer moves to capitalize on tightening casualty market conditions and growing demand for capacity.
The operation, housed within QBE's International Markets division, will initially focus on property and excess casualty lines. The insurer said both portfolios will be underwritten in accordance with its existing global standards.
The move comes as Bermuda's excess casualty market faces sustained pressure. Rate increases of 10% to 20% were recorded in early 2025, according to WTW, driven by capacity constraints and rising litigation costs.
Average deployed limits have fallen to between $10 million and $15 million, roughly half their historical levels, even as new entrants have joined the market.
Social inflation, nuclear verdicts, and the growth of litigation funding have compounded the strain. Amwins noted last year that Bermuda carriers were actively rebalancing their books in response.
QBE is not alone in seeing opportunity – Mosaic launched its own Bermuda excess casualty unit in January, citing similar pressures.
QBE has made two senior appointments to lead the Bermuda operation.
Saadia Savory has been named VP casualty, insurance, joining from Aspen, where she oversaw the US Casualty portfolio. She brings 19 years of underwriting experience, 16 of them focused on US Casualty out of Bermuda, with prior roles at Argo and Chartis.
Will Jackson has been appointed VP property, insurance. A 14-year QBE veteran, Jackson most recently served as underwriting manager for the Major Risks team in London before relocating.
The insurer described the launch as the first phase of a broader buildout of its Bermudian capabilities and said it may expand into additional product lines.
Financial lines, particularly D&O and cyber, have emerged as areas of stability and innovation in Bermuda, WTW data from 2025 showed. QBE has already signaled cyber as a global priority after launching its QCyberProtect product in mid-2024.
The operation will use QBE's existing Bermuda entities, QBE Capital Ltd and QBE Capital (Global) Ltd, which were granted Class 4 licenses by the Bermuda Monetary Authority in late 2024.
Kevin Shallow, head of international markets, said the entry positions QBE in one of the world's most established markets for large corporate risks.
"By entering the market with a disciplined appetite and coordinated approach across London, North America and Bermuda, QBE is offering customers a broader, globally coherent proposition," Shallow said.
