Built On Governance, Driven By Innovation: The Bermuda Advantage

Holding 85% of the cat bond market, Bermuda's edge in alternative capital is no accident.

“Reinsurance is global, but it doesn't work without Bermuda.” For Brad Adderley, managing partner for Bermuda at law firm Appleby, there's no ambiguity.

He has watched the island's growth from the front row since 1996 and is resolute that Bermuda continues to dominate reinsurance with its innovation and sound infrastructure. Leading the way from niche captives in the 1970s to cat bonds and ILS in 2025, Bermuda's evolution has indeed been relentless, and some would say that today it's not just keeping up with the market; it's setting the standard.

Although investors have grown more demanding and regulators are tightening their grip, the island's sophisticated ecosystem has helped it become a global leader in both volume and depth of infrastructure. “Built on governance, driven by innovation – that's the Bermuda advantage,” Adderley highlighted.