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ARTICLE · 10 JUNE 2022

Bermuda's Long-Term Re/Insurance Landscape

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Bermuda's long-term re/insurance market has grown considerably in recent years. The island now has 144 registered long-term re/insurers and the sector's assets have increased by ...

BermudaInsurance
Ojeda Smith
Ojeda Smith
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Bermuda's long-term re/insurance market has grown considerably in recent years. The island now has 144 registered long-term re/insurers and the sector's assets have increased by 200 per cent over the last five years according to the Bermuda Monetary Authority's 2020 annual report.

Today's column will provide some context about this type of re/insurance and why Bermuda is a key jurisdiction for long-term risk.

Under the Insurance Act 1978, as amended, long-term business means insurance business of any of the following kinds:

  • effecting and carrying out contracts of insurance on human life or contracts to pay annuities on human life;
  • effecting and carrying out contracts of insurance risks of the persons insured sustaining injury as the result of an accident or of an accident of a specified class or dying as the result of an accident or of an accident of a specified class or becoming incapacitated or dying in consequence of disease or disease of a specific

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