Bermuda's insurance sector added three new insurers in May, including Sompo Life Re Ltd and a new Prudential-affiliated Class E reinsurer, bringing the number of insurers registered this year to 27.

Statistics released by the Bermuda Monetary Authority show that Sompo Life Re Ltd was registered as a Class C insurer on May 26, while Prudential Bermuda ISA Ltd was registered as a Class E insurer on May 14. Verdant Rock Ltd was also registered during the month as a Class 3B insurer.

The latest registrations increased the number of insurers licensed in Bermuda so far this year from 24 at the end of April to 27 by the end of May. Including intermediaries, the total number of new registrations for 2026 rose to 28.

The figures point to activity in Bermuda's long-term insurance and annuity reinsurance market, which has been one of the island's fastest-growing sectors in recent years.

Class E, which is designed for long-term re/insurers, account for eight of the 27 insurers registered in Bermuda this year. New Class E companies formed in 2026 include affiliates of Global Atlantic, Prudential, Axa and Seven30 Re, as well as Calix Re Ltd and Prudential Bermuda ISA Ltd.

The registration of Sompo Life Re Ltd comes several months after Sompo completed its $3.5 billion acquisition of Bermudian-based Aspen Insurance Holdings, although the new company appears to be focused on life reinsurance rather than Aspen's traditional property and casualty business.

The authority's figures also show that Bermuda's insurance-linked securities market is still active. Ten restricted special purpose insurers, used in catastrophe bond and collateralised reinsurance structures, had been registered by the end of May.

Separately, the Insurance Assessment and Licensing Committee reviewed five insurance applications during May. Four applications were approved and one was deferred, according to the BMA.