Bermuda’s re/insurance market saw an uptick in new formations in November, recording eight registrations and delivering its busiest month since April, according to the Bermuda Monetary Authority’s (BMA) latest Insurance Registration Statistics.
The additions bring total year-to-date registrations to 56 entities.
November’s tally comprised seven re/insurers and one intermediary, compared with five registrations in October and two in September. The pickup follows a subdued late summer period, when only five re/insurers were added across August and September.
With 56 registrations through the first 11 months, Bermuda is now within range of its 2024 full-year total of 63 new re/insurers, leaving seven additional registrations needed in December to match that figure. Activity remains below the pace seen earlier in 2025, but the November numbers signal a firmer close to the year.
The November rebound fits into a pattern of steady, if uneven, formation activity throughout 2025. Earlier in the year, the BMA reported three new companies in August, taking year-to-date registrations to 41 from 38 at the end of July.
Read more: Bermuda re/insurance maintains momentum
As in previous months, insurance-linked securities vehicles dominated new formations. Restricted special purpose re/insurers accounted for four of November’s eight registrations, taking the year-to-date count for that segment to 22 and keeping it as the largest single class of new entrants.
Collateralized re/insurers also maintained a visible presence, with nine formed so far in 2025, including Navaura Re Ltd., which was added in November. The figures underline the continued role of alternative capital-backed entities in Bermuda’s re/insurance sector.
The month’s activity also included a spread across regulatory classes. New entrants featured a Class 3A reinsurer, American International Reinsurance Global, Ltd., as well as Anthea Insurance Limited, a long-term insurer registered under Bermuda’s sandbox regime for innovative business models.
The Association of Bermuda Insurers and Reinsurers (ABIR) reported that member gross written premium rose 10% year over year in 2024 to more than US$188 billion, while the BMA’s 2025 Global Financial Crisis Stress Test indicated that most long-term re/insurers continue to hold capital well above regulatory requirements.
On the supervisory front, the BMA’s Insurance Assessment and Licensing Committee considered 12 applications in November, comprising 10 new submissions and two matters carried over from prior meetings.
Nine applications were approved, two were deferred and one was deemed insufficient for review, indicating a steady flow of prospective formations even when approvals do not immediately translate into registrations.
