Of the dozen or so reinsurance firms born in Bermuda after Hurricanes Katrina, Rita, and Wilma, most no longer exist as independent companies – absorbed through a wave of mergers and acquisitions that reshaped the market they helped build.
The Bermuda Risk Summit 2026 will mark the 20-year anniversary of that cohort, known as the "Class of 2005", with a panel featuring executives who lived through it.
The 2005 hurricane season produced insured losses that Aon estimated at between $65 billion and $90 billion. In the aftermath, roughly $30 billion flowed into the industry, with approximately $9 billion invested in new start-ups - the majority based in Bermuda.
The Insurance Information Institute notes the wave followed a familiar pattern: after Hurricane Andrew in 1992, the island received an influx of over $4 billion to form seven new property catastrophe reinsurers, while more than half of new reinsurance capital raised after September 11, 2001 was domiciled there.
Harbor Point Re merged with Max Capital to form Alterra Capital, Validus Re acquired Flagstone Re before being bought by AIG, and Lancashire was acquired by a consortium. Ariel Re stands as one of the few remaining independent members, now writing approximately $1.5 billion in annual premium.
Bermuda's reinsurance sector has grown considerably since. ABIR and BMA figures show gross written premium rising 10% year-on-year in 2024 to more than $188 billion.
Session moderator Mairi Mallon (pictured above), CEO of Rein4ce, said the discussion will ask "if there will be the right conditions again for a Class of 2026 or '27."
The market backdrop suggests it will be difficult. Guy Carpenter estimated that global reinsurance capital reached a record $660 billion by mid-2025, while Aon Re and Gallagher Re placed the figure even higher at $735 billion and $710 billion respectively.
Moody's Ratings expects property catastrophe reinsurance pricing to decline by around 15% over the coming year – a softening trend that undercuts the economic case for new entrants.
Alternative capital has also changed the calculus. ILS and cat bond capital now represents about 17% of global reinsurance capacity, an increase of 68% since 2015, EY research shows, giving investors a route into reinsurance risk without forming fully capitalized companies.
The resulting "Class of 2025" was limited to a handful of entrants, including Mereo Insurance and Lloyd's reinsurer Oak Reinsurance. A planned $1 billion start-up, Alpine Re, was unable to secure funding and abandoned the effort.
The panel, titled "From Storms to Strength: The Class of 2005 Turns 20," will be held during the summit's March 9–11 program at the Hamilton Princess & Beach Club. Panelists include John Berger, chairman of Coaction Specialty Insurance; Ryan Mather, CEO of Ariel Re; Chris McKeown, CEO of Vantage Reinsurance; and Conan Ward, CEO of Solis Re.
Bermuda Premier David Burt will deliver opening remarks. The broader Bermuda Risk Summit agenda includes sessions on AI, private credit, wildfire risk, and alternative capital. The 2025 edition drew more than 400 delegates from 17 countries, representing 179 companies.
