Insurance registrations could surpass 2024
Bermuda’s insurance market is on track to surpass last year’s total registrations, according to the latest figures from the Bermuda Monetary Authority.
By the end of July, the authority had approved 38 new insurer registrations, compared with a total of 63 insurers for the whole of 2024.
The year-to-date tally includes a mix of traditional insurers, collateralised vehicles and special-purpose insurers, with the latter continuing to drive much of the growth.
The pace of registrations in 2025 is already ahead of 2024’s monthly averages. July added another seven, including Pasaca Risk Solutions, Pembroke Insurance, Ascent Re and Pula Re.
Last year, the BMA recorded 75 total registrations, which included 63 insurers and 12 intermediaries
Collateralised insurers and restricted special-purpose insurers remain the most active categories, reflecting the island’s strength in insurance-linked securities.
Notable new entrants this year include Peak Reinsurance North America Ltd — a subsidiary of Peak Re, its Hong Kong-based parent company — which registered as a Class 3B reinsurer earlier this year.
The BMA said it continues to see a strong pipeline of applications. In July, its Insurance Assessment and Licensing Committee reviewed seven applications, approving four, deferring two and rejecting one as insufficient for review.
In 2022, the island saw a peak in registrations, with 80 new insurers — the highest total in nearly a decade.
Registration activity then slowed in 2023, dropping to 62 insurers. The figure for 2024 held steady with 63 new insurers registered over the year.
• For the complete Insurance Registration Statistics for July 2025, see Related Media
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