Bermuda Insurers' Asset-Liability Statements Go Public
Life insurers and reinsurers in Bermuda now face public view of how their assets are matched against liabilities.
Updated on Nov. 4, 2026 in Financial Services
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The Bermuda Monetary Authority has posted Asset and Liability Statements for commercial long-term insurers on its public website for the first time, drawn from insurers' year-end 2025 filings. Insurers that want to access the statements must complete a short online survey for each one, and the BMA plans a subscription-based access model for year-end 2026 filings onward.
Why it matters
Regulators have pressed for greater transparency over fair pricing, liquidity and the appropriateness of private credit assets, and over conflicts of interest in asset-manager-owned life insurers. Publishing these statements gives outside parties a direct view of how reserves, bonds, loans, structured assets, mortgages and derivatives are held against liabilities.
Bermuda life reinsurance held more than $1.5 trillion in assets under management at the end of September 2025, the pool from which the published year-end 2025 statements draw. Each insurer's statement covers reserves, bonds and loans, structured assets, commercial and residential mortgage loans and derivatives, with the BMA making initial access free of charge.
The players
Bermuda Monetary Authority
Bermuda's financial regulator, which supervises commercial insurers and reinsurers and sets their public reporting obligations.
Petra Hielkema
Head of the European Insurance and Occupational Pensions Authority, who warned insurers at the 2026 BMA Forum about the need for transparency.
European Insurance and Occupational Pensions Authority
The EU body that sets insurance supervision standards and oversees how insurers across member states manage risk and report to regulators.
The details
Each insurer's statement is a spreadsheet filing that shows how its assets line up against its liabilities, and each includes a section explaining why the company believes that matching is appropriate. Summary sheets add graphics on assets versus liabilities, currency distribution and asset composition by category. Anyone opening a statement must first complete a short survey on the BMA's online platform, which is how the authority is tracking access.
Timeline
Year-end 2025: insurers' filings covering the statements published.
End of September 2025: Bermuda life reinsurance assets pass $1.5 trillion.
April 2026: BMA Forum, where Petra Hielkema warned insurers.
4 November 2026: BMA publishes the Asset and Liability Statements.
Market Landscape
The publication builds on Bermuda's requirement that commercial insurers make their financial condition reports public, extending that rule into asset and liability statements that show how reserves and private credit holdings are matched. Regulatory attention to private credit and to asset-manager-owned life insurers has grown, and this step places Bermuda's disclosure regime more directly within that wider push for transparency.
Life insurers and reinsurers operating in Bermuda should expect their year-end statements to be visible to outside readers, so finance and compliance teams should review how their asset and liability matching is explained. Firms that hold private credit or structured assets should also plan for scrutiny of those holdings once the planned subscription model takes effect.
The takeaway
Asset-liability matching for insurers is now a publicly visible item, so it deserves regular review by finance and compliance teams. Calendar the year-end 2026 filing cycle and watch for the BMA's announcement of access terms and fees.
What happens next
The BMA aims to introduce a subscription-based access model for year-end 2026 filings and subsequent reporting periods, subject to legislative and operational arrangements, with terms and any fees to be announced later.
Further reading
For more on how regulators are changing disclosure rules across the sector, see Financial Services.
Source note: This article includes information reported by The Royal Gazette.
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