Bermuda’s financial services regulator has taken a step towards greater transparency in the life reinsurance sector.

For the first time, the Bermuda Monetary Authority has posted Asset and Liability Statements for Bermuda’s commercial long-term insurers on its public website.

The statements were submitted by the insurers as part of their year-end 2025 filings.

The filings, on spreadsheets, detail each company’s reserves, bonds and loans, structured assets, commercial and residential mortgage loans and derivatives.

They also include a section in which each company explains why it believes it has matched its assets and liabilities appropriately.

These include answers to the BMA’s questions on areas such as stress testing; liquidity of the asset portfolio under normal conditions and under stress; risk management practices including the use of derivatives; and explanation of changes in investment strategy or significant shifts in sectoral exposures or asset allocations.

In addition a summary sheet for each business includes a range of graphics illustrating assets versus liabilities; liabilities and assets distribution by currencies; and asset composition by category.

“This first public release of ALS information marks an important milestone in Bermuda’s enhanced public disclosure framework for commercial long-term insurers, strengthening transparency across the sector,” said Craig Swan, chief executive of the BMA.

Access to the initial ALS disclosures for year-end 2025 is free of charge. Users must complete a short survey through the BMA’s online platform for each statement they access.

The rapid expansion of Bermuda’s life reinsurance industry, which had more than $1.5 trillion of assets under management as of the end of September 2025, has drawn the attention of regulators around the world.

Regulators’ concerns have revolved around factors including the fair pricing, liquidity and appropriateness of growing private credit assets, as well as the potential for a conflict of interest in life insurers owned by asset managers. Demands for greater transparency have followed.

Those views were epitomised the 2026 BMA Forum in April by Petra Hielkema, chairwoman of the European Insurance and Occupational Pensions Authority, the EU insurance regulator.

She warned insurers to be “ready for more visibility” and added: “More and more the insurance industry is involved in alternative investments that trigger a lot of attention from supervisors, and that means there will be a lot more need for convincing, sometimes even other regulators, that what is happening in the industry is controlled, is managed, still prudent and in the interest of consumers. It’s happening and it’s going to be more so.”

In a statement, the BMA added: “The publication of the ALS forms part of the authority’s commitment to transparency and market discipline through public disclosure of ALSs, GAAP financial statements and Declarations of Compliance.”

Commercial insurers are also required to make their financial condition reports public.

For year-end 2026 filings and subsequent reporting periods, the BMA is developing a longer-term access framework and aims to introduce a subscription-based model, subject to necessary legislative and operational arrangements.

“The authority will announce the terms, conditions and any applicable fees in due course,” the BMA added.

• To access the disclosures, clickhere