Bermuda’s insurance market added four new insurers in December, lifting total registrations for 2025 to 58, short of the 63 new insurers registered in 2024, according to the Bermuda Monetary Authority’s latest Insurance Registration Statistics.

The December outcome means the island did not reach the seven registrations required to match last year’s total, despite signs of renewed momentum in November, which had been the most active month since April.

While 2025 fell short of last year’s total, the annual figure remains broadly in line with Bermuda’s longer-term registration trend.

Annual formations have typically clustered between 60 and 75 entities since 2016, placing 2025 firmly within historical norms.

December’s registrations comprised one Class E reinsurer, one Class C reinsurer, one collateralised insurer and one restricted special-purpose insurer, with new entities including Securian Reinsurance Company Ltd, Globe Life Re Ltd, Bartholdi Re Ltd and Windrose Re Ltd. Two intermediaries also registered.

The numbers show a continuation of the capital-markets-driven profile seen throughout the year.

While December activity was more muted than November’s eight registrations, the overall 2025 total still represents a recovery from the slowdown seen in late summer, when August and September combined produced only five new insurers.

As in prior months, structured vehicles dominated the year’s formations.

Restricted SPIs accounted for 23 registrations in 2025, the largest single category, while ten collateralised insurers were added over the course of the year.

Traditional insurers posted more modest gains, with combined Classes 1 and 2 registrations remaining well below the levels seen in the SPI and collateralised segments.

While 2025 did not ultimately match the stronger formation levels recorded in 2024, the year-end figures point to a market that stabilised after a midyear slowdown.

The BMA said 12 insurance applications were reviewed in December, consisting of 11 new submissions and one carried forward application.

Of these, eight were approved, three deferred and one deemed insufficient for review, suggesting some approved applications may become registrations in early 2026.