International Reinsurance Landscape Overview for U.S. Life & Annuities
February 2026
Authors
Jean-Philippe Larochelle, FSA, CERA, MAAA
Steve Verhagen, FSA, CERA
James Claxton
Benjamin Alter, FSA, CERA, MAAA, CFA
Carl Barkson
Shruti Sahay
Bradley Ashton
Matthew Dubin
Don Cho, FSA, CERA, MAAA
Ying Lu, FSA, MAAA
Eric Kovach, FSA
Shiring Xing
Kupa Chirwa
Tai Levitt, ASA
Executive Summary
Overview
The use of international reinsurance, often referred to as offshore reinsurance, has significantly increased over the last few years.
While initiated largely by private equity players, the use of international reinsurance has since been driven by insurers and reinsurers (“(re)insurers”) seeking a combination of pricing competitiveness and alignment of reserving and capital frameworks to internal business management and risk practices.
U.S. insurance companies are increasingly looking to international jurisdictions to find reinsurance solutions that will improve their competitive advantage, provide policyholder protection and align to how they manage the business (e.g., managing the business on an economic basis). International reinsurance, if managed properly, is one of the tools that can help the insurance industry address the protection gap[1].
The following international jurisdictions are covered in this study:
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Among international jurisdictions, Bermuda has experienced the fastest growth in the volume of transactions over the last few years with many U.S. insurers establishing a foothold on the island through an affiliate or sidecar.
The Cayman Islands has also gained interest in recent years and has witnessed an increase in license applications and transactions. There are also many other jurisdictions used by U.S. and international (re)insurers, each with unique considerations.
Study objectives
The growing significance of international reinsurance is attracting considerable attention within the insurance sector; however, there remains ongoing uncertainty and misunderstanding regarding its characteristics and associated risks.
The objective of this paper is to provide the insurance industry with a resource that centralizes information about various jurisdictions that a U.S. insurer could consider when establishing an international reinsurance arrangement.
The authors hope that information provided by their research will help demystify how international reinsurance works by outlining important considerations why U.S. insurers seek such reinsurance and by providing an overview of a wide range of jurisdictions and the reserving and capital frameworks they use. The information provided in this research reflects current market and regulations. Readers should exercise caution when referencing this paper, as conditions may evolve over time. Additionally, the descriptions of markets and regulations are not intended to be exhaustive.
International reinsurance can be an important tool for U.S. insurers in increasing their competitiveness, managing risk more actively, supporting entering new markets, accessing international capital, offering innovative products and managing their balance sheets strategically.
Content overview
The research paper is structured in three key sections:
Section 2: Considerations for U.S. (re)insurers
Section 3: International jurisdiction overview
Section 4: Reserving and capital frameworks
Material
International Reinsurance Landscape Overview for U.S. Life & Annuities
Suggested Citation
Larochelle, Jean-Philippe, Steve Verhagen, James Claxton, Benjamin Alter, Carl Barkson, Shruti Sahay, Bradley Ashton, Matthew Dubin, Don Cho, Ying Lu, Eric Kovach, Shiring Xing, Kupa Chirwa, and Tai Levitt. International Reinsurance Landscape Overview for U.S. Life & Annuities. Society of Actuaries Research Institute, February 2026. https://www.soa.org/resources/research-reports/2026/international-reinsurance-landscape-overview/
Acknowledgements
The researchers’ deepest gratitude goes to those without whose efforts this project could not have come
to fruition:
The Project Oversight Group for its diligent work overseeing questionnaire development and reviewing and editing this report for accuracy and relevance:
Larry Stern, FSA, MAAA, Chairperson
Craig Buck, FSA, MAAA
John Di Meo, FSA, MAAA, CERA
Bruce Friedland, FSA, MAAA
Nicholas Li, FSA, MAAA
Francisco Orduña, FSA, MAAA
Dan Rueschhoff, FSA, MAAA
Andrew Samuels, FSA, MAAA
Eve Sun, FSA, MAAA, Ph.D.
Youyou Tao, FSA, CERA
Bin Wang, FSA
Renee West, FSA, MAAA
Jon Wu, FSA, MAAA, CERA
Maria Zou, FSA, FCIA
The Society of Actuaries, including the sections that sponsored the research: Reinsurance, Financial
Reporting, Product Development, and Smaller Insurance Company.
From the Society of Actuaries:
Barbara Scott, Senior Research Administrator
Ronora Stryker, ASA, MAAA, Senior Practice Research Actuary
Kara Clark, FSA, MAAA, Senior Practice Research Actuary
The regulators, industry bodies and other parties who shared valuable insights and participated in discussions with the researchers:
National Association of Insurance Commissioners (NAIC)
Bermuda Monetary Authority (BMA)
Bermuda International Long-Term Insurers and Reinsurers (BILTIR)
Cayman International Reinsurance Companies Association (CIRCA)
Puerto Rico International Insurers Association (PRIIA)
Insurance Commission of The Bahamas
Guernsey Financial Services Commission (GFSC)
Bahamas Insurance Association (BIA)
Hong Kong Federation of Insurers (HKFI)
Life Insurance Association Singapore (LIA)
Insurance Ireland
Fitch Ratings
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[1] Ernst & Young Global Limited. (2025). EY 2025 Global Insurance Outlook. EY.com.