The Bermuda Monetary Authority (BMA) published Q4-2025 market data pointing to continued expansion in Bermuda’s alternative capital and insurance-linked securities (ILS) market, with ILS funds taking a larger share of Bermuda’s regulated fund universe and further growth in fully collateralised insurance structures. As at end Q4-2025, Bermuda-based ILS funds represented around 8% of all regulated funds in Bermuda and 6.1% of total net asset value, up from 5% at end Q4-2024 and 4.4% at end Q4-2023. Bermuda-based ILS funds also reported net asset values of USD 13.71 billion in Q4-2024. Early Q1-2026 indicators included seven new Special Purpose Insurers and two new Collateralised Insurers registered, following 25 new SPIs and 10 new collateralised insurers registered in 2025; the BMA also highlighted that approvals for SPIs undertaking catastrophe bond transactions are typically completed within three days.
Bermuda Monetary Authority 2026-04-17
Bermuda Monetary Authority Q4 2025 market data shows Bermuda-based ILS funds at 8% of regulated funds and continued growth in alternative capital
The Bermuda Monetary Authority’s Q4-2025 data show continued expansion of Bermuda’s alternative capital and insurance-linked securities market, with ILS funds increasing their share of the regulated fund universe and fully collateralised insurance structures growing. As at end Q4-2025, Bermuda-based ILS funds accounted for around 8% of all regulated funds and 6.1% of total net asset value, with net asset values of USD 13.71 billion, while early Q1-2026 indicators showed ongoing new registrations of Special Purpose Insurers and Collateralised Insurers and rapid approval timelines for catastrophe bond SPIs.