A new player in Bermuda’s life reinsurance sector has opened its doors.

Serenova Re, a reinsurance company backed by Bain Capital and part of the Federal Life Group, has launched its Bermuda office at 22 Queen Street, marking what the firm calls a “significant milestone” in its global expansion strategy.

“Our deep-rooted experience within Bermuda has been critical to the successful launch of Serenova Re, allowing us to effectively meet the new requirements while growing the business,” said Matt Roche, president of Serenova Re.

The company said the move came as Bermuda continued to strengthen as a hub for life reinsurance, with the Bermuda Monetary Authority rolling out enhanced regulatory requirements to match the evolving long-term sector. Serenova Re said it welcomed the changes and saw opportunity in Bermuda’s dynamic and well-regulated environment.

“With the island’s dynamic reinsurance ecosystem, strong regulatory framework and access to top-tier industry talent, Bermuda offers an exceptional environment for growth and innovation,” Mr Roche added. “We are excited to collaborate with our partners in shaping the future of reinsurance.”

The company completed its first reinsurance transaction in late 2024 and is now ramping up operations on-island with a local team. Serenova Re aims to offer more than traditional reinsurance, positioning itself as a strategic partner providing enterprise planning, market strategy support and tailored client solutions.

“Our mission is simple: to elevate reinsurance through collaboration, speed and creative problem-solving,” said Mr Roche. “We bring the financial strength, asset management skills and credibility of Bain Capital, combined with industry-leading insurance expertise, to help clients navigate complexity and drive sustainable growth.”

The leadership team includes Mr Roche, formerly of L&G Re; Anders Raaum, chief investment officer; Laura Bourgeois, chief financial officer; Neil Hill, formerly of the BMA, chief risk officer; and Steffin Du Preez, chief actuary.

Serenova Re has been assigned an A- (Excellent) rating by AM Best.