Mereo Insurance has joined the Association of Bermuda Insurers and Reinsurers (ABIR), the Royal Gazette reported. The Bermuda-based reinsurance platform entered the market in February 2025 with more than $500 million in initial capital.
Mereo was co-founded by Brian Duperreault, the former chief executive of AIG, Marsh & McLennan, and Hamilton Insurance Group, who serves as executive chairman. David Croom-Johnson holds the role of chief executive officer.
The company holds full approval from the Bermuda Monetary Authority (BMA) and an A- financial strength rating from AM Best. It is authorised to write both direct and reinsurance business in Bermuda. Lines covered include property, casualty, specialty and alternative risk transfer, combining traditional reinsurance underwriting with capital markets solutions.
Mereo is among a limited group of reinsurers that launched in 2025. That year produced fewer traditional commercial start-ups than post-catastrophe classes of earlier cycles. Bermuda recorded 58 new re/insurance registrations in 2025, down from 63 in 2024 and well below the 80 recorded in 2022, according to BMA data.
The so-called "Class of 2025" numbered only a handful of traditional reinsurance entrants, including Mereo and Lloyd's reinsurer Oak Reinsurance. A planned US$1 billion start-up, Alpine Re, failed to secure funding and abandoned the effort.
ABIR said Mereo has set out plans for growth across global reinsurance markets, drawing on Bermuda's regulatory framework and access to capital. Bermuda holds regulatory equivalence with both the EU and the US, a structural advantage cited consistently by new entrants choosing the jurisdiction.
ABIR chairman Mark Cloutier said Mereo's entry signals continuing investor confidence in Bermuda as a centre for insurance and reinsurance activity. He noted that Mereo had established itself as a participant in the global risk transfer marketplace.
ABIR chief executive John Huff said: "Abir welcomes Mereo as an innovative new entrant to Bermuda's insurance and reinsurance market. Abir's primary mission is advocacy, and we are proud to represent the public policy interests of Bermuda's leading international insurers and reinsurers both locally and globally."
Croom-Johnson said the membership aligns with the company's long-term outlook. "Bermuda offers a unique combination of talent, regulatory excellence, and access to global capital, which aligns perfectly with Mereo's long-term vision," he said.
ABIR's latest Global Underwriting Report shows member companies recorded a 10% year-over-year increase in gross written premium in 2024, reaching more than US$188 billion. Total equity among member firms rose 8.5% to US$178 billion over the same period.
The figures point to sustained earnings growth for Bermuda-domiciled reinsurers, driven by hard property catastrophe pricing and strong investment income. ABIR, founded in 1993, represents Bermuda's leading commercial insurers and reinsurers and engages in public policy advocacy on their behalf.
