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Q1 2025 State of the Market: Bermuda Property 

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From the desk of Ryan Hill, Head of Property, Price Forbes Bermuda 

Market Update & Emerging Trends

After a favorable close to 2024, the Property market continues to soften, with rate reductions hovering around the 10% mark. But let’s be clear: Q1 hasn’t set the tone for the full year. We’ve yet to see the bulk of CAT-exposed renewals come through, so the real litmus test lies ahead in Q2.

The January California Wildfire event, projected to cost the industry $30–$50bn, hasn’t reversed the overall trend just yet. Even with significant insured losses and broader economic impact, rate momentum continues downward. While some local corrections are happening, the broader environment remains highly competitive.

That said, the wildfire event has generated scrutiny around valuation adequacy. Once claims started settling, it became evident that underinsurance is still a systemic issue, especially in high-CAT zones. The fallout from this could catalyze pricing dislocation between reinsurance treaties and front-end insurance placements, particularly as Q2 CAT programs are re-evaluated.

Bermuda remains very much open for wildfire-exposed risks, business as usual for the island’s capabilities! Clients are flying in regularly to meet with markets, and we’re seeing strong engagement across the board. Programs continue to be oversubscribed and finalized early, giving insureds greater leverage in choosing their partners, moving from ‘price takers’ to ‘price pickers.’

Coverage terms, which held steady during the softening of 2024, are now starting to broaden. We’re seeing some early movement on deductibles as well, which bodes well for insureds in the upcoming quarters. 

Market Moves 

  • Everen Specialty has announced the runoff of its General Property book, effectively closing to new business as of April 1st. 
  • Liberty Specialty Markets has appointed Frankie Markham as the new Head of Property, following Meghan Diel’s departure, effective February 1st. 
  • Chubb Bermuda has named David Jenkins as its new Head of Property, effective March 31st. Read more here → 

Recent Wins 

  • Rail Operator: A Class I railroad account with a challenging loss history, including two major incidents in recent years. We secured a one-month extension at flat terms, followed by a long-term renewal at only a marginal rate increase. Loss paying carriers supported with expiring capacity, and in some cases additional capacity to complete the placement.
  • Helix (BDA): Continues to shine in the middle market. Competitive and consistently responsive, Helix bound multiple new deals across Q1 with Price Forbes Bermuda. 
  • $40bn Real Estate account: A major renewal finalized recently by deploying Bermuda capacity into the primary layer, thereby increasing the Bermuda incumbent market share.A clear demonstration of Bermuda’s appetite and agility.
  • $65bn Texas school program: A placement that saw over $175mn of capacity bound in Bermuda, a marked expansion in the island’s market share.  

If you’d like to discuss these trends in more detail or talk through a placement challenge, the team is always here for a conversation, whether it’s in the boardroom or over a Dark & Stormy. 

Ryan Hill

Senior Vice President, Head of Property

Price Forbes Bermuda

Ryan.Hill@PriceForbes.com | +1 (441) 707 1752