Life reinsurance hub: Bermuda plays a prominent role in backing up US annuities (Photograph by Shane Mora)About $1.1 trillion of the $2.7 trillion in life and annuity liabilities ceded by US life insurers as of year-end 2025, were ceded to Bermudian-based reinsurers, new Alirt research has reported. This represented 40.7 per cent of all ceded liabilities and 85 per cent of liabilities ceded to non-US jurisdictions. The Alirt Insurance Research report remarked how Bermuda reinsurance activity has expanded rapidly in recent years. It said: “Between 2021 and 2025, reserves ceded to Bermuda more than doubled, while Bermuda's share of total ceded US life and annuity reserves also grew from 30.9 per cent in 2021 to 40.7 per cent in 2025. “During 2025 alone, US life insurers completed more than $73 billion of new Bermuda reinsurance transactions,” the report said.