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Press Release - Bermuda Reinsurers Claim Payments To UK Policyholders

9 September 2021

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) completed its United Kingdom (UK) Data Claim Survey in June 2021, with the data showing that, during the five-year period from 2016 to 2020, Bermuda (re)insurers paid out US$35.2 billion to UK policyholders and cedants for large catastrophes, property and casualty losses and life insurance claims.

Craig Swan, Deputy Chief Executive Officer, said, “The Bermuda and UK (re)insurance markets are vital to the supply of global risk capacity and are prominent in their own right. However, when these two markets converge, their synergy and complementary access produce outsized results that benefit the global economy. This can be seen by Bermuda (re)insurers’ supply of nearly half of Lloyds of London syndicates’ capacity in 20191. The key role that Bermuda plays in the supply of risk capacity to the UK makes a notable contribution to a thriving London (re)insurance market.”

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