Bermuda's insurance sector added four more insurers in June, pushing the total number of new insurance companies licensed this year to 31. Activity was strong across both the island's insurance-linked securities market and traditional reinsurance sector.

Statistics released by the Bermuda Monetary Authority show that Annapurna Re Ltd was registered as a collateralised insurer on June 4, while Harbor Crest Re Ltd and Huygens Re Ltd were registered as restricted special purpose insurers on June 16 and June 29, respectively. Glycine Re Ltd was also registered during the month as a Class C insurer.

The latest registrations increased the number of insurers licensed in Bermuda so far this year from 27 at the end of May to 31 by the end of June. Including intermediaries, the total number of new registrations for 2026 rose to 35 after three insurance agents were also licensed during the month.

The figures point to strength in Bermuda's reinsurance market and growth in the island's ILS sector.

The authority’s statistics show that 12 restricted special purpose insurers, which are commonly used for catastrophe bonds and collateralised reinsurance structures, had been registered by the end of June, up from ten a month earlier. The number of collateralised insurers also increased to three after the registration of Annapurna Re Ltd.

Meanwhile, Bermuda's long-term insurance market stayed active, with the number of Class E insurers registered this year holding at eight. Those companies include affiliates of Global Atlantic, Prudential, Axa and Seven30 Re, as well as Calix Re Ltd and Altura Re (ISA) Ltd. Glycine Re Ltd became the second Class C insurer registered this year, joining Sompo Life Re Ltd, which was licensed in May.

Separately, the Insurance Assessment and Licensing Committee reviewed six insurance applications during June, comprising five new applications and one carried forward from a previous period. Five applications were approved and one was deferred, according to the BMA.