The Andover Companies announced that it has made a strategic investment in Mereo Insurance, a Bermuda-based re/insurance startup.
Andover said that the investment, completed on Jan. 31, 2025, is part the company’s plan to expand into new business lines and markets.
Mereo Insurance is part of Mereo Holdings Limited, which is chaired by former AIG executive chairman and CEO Brian Duperreault (pictured above). The company has received an A- financial strength rating from AM Best and has started underwriting business for February reinsurance renewals.
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Mereo’s portfolio will include about 25 lines of property, casualty, and specialty re/insurance.
The leadership team at Mereo includes the following industry stalwarts:
The investment comes as Bermuda’s re/insurance segment continues its steady growth, with the Bermuda Monetary Authority (BMA) noting that it granted licenses to 10 captive insurers in 2024, further establishing the island as a key domicile for these structures.
According to BMA data, the regulatory authority approved five Class 1 captives, two Class 2, one Class 3, and two Class A captives during this period. In total, the BMA approved 53 insurance entities, including 10 intermediaries.
Its role in expanding offshore reinsurance was also recognized, with a recent KPMG study highlighting both the island nation and the Cayman Islands as main market drivers, driven by increasing use of sidecar models and an expansion into new lines of business.
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