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Bermuda Reinsurance Through 2026: Pillar Two, Cat Capacity, and the Florida Pivot
The world's largest reinsurance hub absorbed Helene, Milton, and the January 2025 LA wildfires, raised roughly 18 billion dollars of new Class 4 capital, and on January 1, 2025 began collecting a 15 percent corporate income tax to comply with OECD Pillar Two. The question for 2026 is whether the BMA's Solvency Capital Requirement framework, the Bermuda Triangle capital cycle, and a 50 billion dollar cat bond market can keep clearing US peak peril risk at acceptable margins after the tax wedge.
Bermuda is the central node of global property catastrophe reinsurance. The Bermuda Monetary Authority's 2024 statistical review reports gross premiums written by Bermuda commercial reinsurers above 230 billion dollars, with the island clearing roughly one third of global property and casualty reinsurance capacity and a majority of US pea...
Catastrophe Bonds and ILS in 2026: The Quietly Maturing Climate Capital Market
Outstanding cat bond capital reached USD 47B at end 2024, up from USD 31B in 2022, after a record USD 17.7B issuance year that survived hurricanes Beryl, Helene, and Milton without a single principal impairment.
The catastrophe bond and broader insurance-linked securities (ILS) market entered 2026 as the most credible climate-capital instrument the reinsurance industry has produced. Outstanding 144A cat bond capital reached USD 47B at end 2024 (Artemis Deal Directory), a 52 percent expansion in 24 months from the USD 31B end 2022 mark. Aon Securi...