Bermuda recorded a modest pick-up in insurer formations last month, but the market continues to trail the brisk momentum seen at the start of 2025, according to the Bermuda Monetary Authority’s latest figures.

The BMA’s October Insurance Registration Report shows five new registrations for the month — two Class E long-term reinsurers, two restricted special purpose insurers and one broker — bringing the year-to-date total to 47 insurers and one intermediary.

While October’s activity exceeded the two new insurers added in September, the overall trend remains slower than the first half of the year.

Through August and September, Bermuda saw only five registrations combined. October adds another five, but the market is still averaging fewer new companies per month than the more than five-per-month pace set earlier in the year.

To match last year’s 63 new insurers, the island would now need to see roughly eight registrations per month in November and December.

The composition of new entrants continues to show strength in the insurance-linked securities space. Restricted SPIs remain the largest single category this year, with 18 vehicles formed so far, alongside eight collateralised insurers. The island also added several commercial and long-term reinsurers across various classes, including two new Class E companies in October — Fortitude Carlyle Asia Re Ltd and L&G Reinsurance USA Ltd.

The BMA’s Insurance Assessment and Licensing Committee reviewed eight applications in October, all new submissions; seven were approved and one deferred.

Bermuda’s registration numbers have historically been cyclical. After a near-decade high of 80 insurers in 2022, totals have hovered in the low-60s over the past two years. With two months remaining, 2025 is still in range but will require a stronger finish to avoid ending below that recent trendline.