Bermuda’s insurance market kept a steady pace of new formations in the first quarter of 2026, with the most growth in capital markets structures and life reinsurance rather than traditional insurers.

The Bermuda Monetary Authority confirmed six new insurer registrations in March, bringing the year-to-date total to 20. This follows nine registrations in January and five registrations in February, after five applications were reviewed with one deferred.

While the overall number of formations suggests a stable start to the year, the composition of new entrants points to an ongoing trend in the market.

Restricted special purpose insurers — streamlined vehicles typically used for insurance-linked securities and catastrophe bonds — accounted for seven of the 20 registrations through March, the largest single category. Class E insurers, which focus on long-term and life reinsurance business, made up an additional six.

Together, those two segments represent nearly two-thirds of all new formations so far this year. This continues trends seen in 2025 when capital-markets-driven structures dominated activity.

By contrast, traditional commercial insurers remain a smaller share of new entrants. Only one Class 3 insurer and two Class 3A insurers have been registered year-to-date, alongside a single Class 4 and one Class A entity.

The latest figures suggest Bermuda’s growth is being driven by demand for structured reinsurance solutions and balance sheet optimisation, particularly in the life and annuity sector, rather than conventional underwriting.

As for the regulatory pipeline, the BMA’s Insurance Assessment and Licensing Committee reviewed nine applications in March, all of which were approved.

The early-year activity comes after 58 insurers were registered in 2025, falling just short of the 63 registered in 2024.