Bermuda tightens reinsurance regs, sees a decline in new entrants
February 18, 2026 by John Hilton
Bermuda saw a decline in new life and annuity reinsurance entrants during 2025, but the country remains the dominant offshore hub for reinsurers.
The decline coincides with tougher new regulations from the Bermuda Monetary Authority, noted S&P Global Market Intelligence in a recent analysis.
The BMA’s new rules, effective January 2026, demand detailed asset and liability disclosures, enhancing market confidence, S&P concluded.
Wink’s Moore on the Market: “Critics argue that some gigantic companies are putting policyholders at risk by claiming affiliated investments in risky asset classes as backing for life and annuity reserves.”
I am definitely hearing this.
“As of year-end 2024, Bermuda-based reinsurers held more than $900 billion in U.S. liabilities.
Bermuda accounts for 84% of all U.S. life and annuity reserves ceded to non-U.S. jurisdictions.”
Holy buckets! Let’s hope a catastrophic event doesn’t happen.
FWIW- my research indicates that 29.16% of all annuity sales originate with private-equity owned insurance companies. The majority of these are working with reinsurers, as well as asset managers. That said, insurance companies certainly reinsure business outside of annuities as well. -sjm
