Insurance registrations on pace to top 2024
Bermuda’s insurance market added three new companies in August, keeping the year on track to surpass last year’s total registrations, according to the Bermuda Monetary Authority.
The BMA confirmed the registration of 123 Lights Re Ltd and Wayfare Re Ltd, both as restricted special purpose insurers, and Ryan Alternative Capital Re Ltd as a collateralised insurer.
That brings the year-to-date total to 41 new insurers, ahead of the 38 registered by the end of July and well on pace to beat the 63 registered over all of 2024.
Much of the growth continues to come from the insurance-linked securities sector, with 16 restricted SPIs and eight collateralised insurers established so far this year. But the tally also includes a mix of captives, life reinsurers and even an innovative long-term insurer, pointing to broad-based activity across the market.
The BMA’s Insurance Assessment and Licensing Committee reviewed eight applications in August, approving six and deferring two.
Recent years have shown how cyclical registrations can be. In 2022, the island recorded 80 new insurers, the highest total in nearly a decade. Activity then dipped to 62 in 2023 and 63 last year.
• For the complete Insurance Registration Statistics for August 2025, see Related Media
You must be Registered or to post comment or to vote.
