Bermuda news

Beazley, the London headquartered specialty insurance and reinsurance company, has made a significant commitment to the Bermuda marketplace with the deployment of $500 million of capital to establish a new platform on the island to drive growth and expansion into the alternative risk transfer market, including ILS opportunities.

The Bermuda Monetary Authority (BMA) has confirmed that it plans to release a consultation paper in the fourth quarter of 2025 regarding the establishment of a new special purpose insurer (SPI) that will primarily focus on the use of parametric triggers.

Bermuda’s continued leadership within the insurance-linked securities (ILS) and reinsurance markets was a topic of discussion at the ILS Bermuda Convergence conference today, with the island’s ability to stay ahead, through its reputation for adaptability, collaboration and foresight, highlighted as key.

During a panel session earlier today at the ILS Bermuda Convergence 2025 conference, it was announced that the Bermuda Monetary Authority (BMA) is currently in the final stages of implementing a new special purpose insurer (SPI) class that will primarily focus on the use of parametric triggers.

Hurricane Imelda has strengthened as it bears down on Bermuda today, with the National Hurricane Center now reporting current sustained winds of 100 mph and some additional intensification as possible before the storm passes close to the island tonight.

Fergus Re, the Bermuda based collateralized reinsurer that writes business for investors that have an appetite for returns from quality casualty risk underwriting business, has announced the appointment of Stewart Ritchie as Chief Executive Officer (CEO), succeeding Navin Dadlani, who will assume the role of Chairman of the Board.

Bermuda has continued to see strong registration numbers of new catastrophe bond, insurance-linked security (ILS) and alternative or third-party reinsurance capital related entities through the first-half of 2025, with the total rising slightly according to Bermuda Monetary Authority (BMA) data.

McGill and Partners, the boutique risk solutions and broking firm, has hired Julia Henderson to lead its Bermuda business as CEO, while its London-based reinsurance treaty specialist George Cantlay has been named as President, Bermuda.

Two new restricted special purpose insurers (SPI) using the Merna Re name were registered in Bermuda in April. With these restricted SPI’s typically used as insurance-linked securities (ILS) issuers, especially for catastrophe bonds, the Merna Re name suggests these are likely for US primary insurance giant State Farm.

Broking giant Aon has promoted long-standing senior employee Amanda Lyons to Chief Executive Officer (CEO) of its Reinsurance Solutions unit in Bermuda, effective July 1st, subject to regulatory and immigration approvals.