The majority of Bermuda’s international business comes from insurance and reinsurance - and the industry is thriving! A leading global offshore financial service centre, the industry has been growing steadily on Island since the 1940s.
Today, the industry is seeing a notable rise in the number of insurance and reinsurance registrations in Bermuda. According to the Bermuda Monetary Authority (BMA), 11 re/insurers registered during the first two months of 2018, compared with five during the same period in 2017. This included three Class E Long-Term (life) commercial re/insurers, one Class 4 general business commercial re/insurer, and one intermediary. These registrations come three years after Bermuda was placed on the National Association of Insurance Commissioners’ (NAIC) Qualified Jurisdiction list.