Where We Go Deep

Bermuda Segregated Accounts (SAC)

Ring-fenced risk. Your own Bermuda cell on a BMA-licensed platform.

Legally segregated assets and liabilities — without the cost and complexity of a standalone company. Faster to set up, lower capital requirement, and fully protected from the liabilities of other cells on the same platform.

A Bermuda SAC is the most flexible risk vehicle in the world's leading insurance jurisdiction. We have been forming and managing SAC cells in Bermuda for over 35 years — since before most of the names you know in this market existed.

Credential — 25+ years of SAC formation and management in Bermuda.

Life Reinsurance Structures

A proven, BMA-regulated pathway to capital relief for international life carriers.

For Asian and international life insurance carriers navigating capital pressure and rising reinsurance costs, Bermuda offers a credible route to capital relief. We advise on flow reinsurance structures, Bermuda Class E entity setup, and SBA-compliant transactions.

Bermuda's Class E framework was built for exactly this purpose — long-term insurer reinsurance with a light but credible regulatory touch. We know the structures, the BMA engagement process, and the commercial terms that make them work.

Credential — our leadership has managed teams working with major Bermuda life reinsurers on compliance, regulatory and financial reporting engagements, giving A&O hands-on, current knowledge of how these structures operate in practice.

ILS, Catastrophe Bonds & Parametric Structures

Not abstract instruments to us. We have reviewed them from the inside.

The global catastrophe bond market exceeded $47 billion in outstanding issuance in 2025 — and Bermuda is where more than 90% of it is domiciled. ILS, ILWs and parametric triggers are core to this market.

For sponsors looking to access the ILS market, transfer peak catastrophe risk, or structure a parametric trigger programme, A&O provides the Bermuda platform, the BMA-licensed structure, and the institutional understanding to execute. We know the SPV mechanics, the trigger design and the investor reporting requirements — because we have audited them.

Credential — in-depth experience with listed catastrophe bonds and ILS vehicles. Record cat bond issuance in 2025. The window is open.

Managing General Agents (MGA)

A Bermuda-domiciled MGA is a genuine and underserved niche.

For specialty lines looking to establish a Bermuda-based MGA, A&O guides the structure from incorporation through to BMA registration, binding authority setup, and ongoing compliance management.

The carrier relationship sits with the reinsurer. A&O builds the vehicle, sets it up correctly from day one, and stays in as the management infrastructure behind it.

Credential — BMA-licensed insurance manager.

Captive Insurance (Class 1, 2 & SAC)

Boutique by design. Sub-$50M structures are our core business, not an afterthought.

Bermuda is the world's leading captive domicile — over 600 active captive licences generating more than $24 billion in annual premium. For mid-market companies paying significant premiums with consistently low claims experience, a Bermuda captive or SAC cell puts the underwriting profit back where it belongs: on your balance sheet.

We work with companies that the large managers will not prioritise.

Credential — Steve Pearce: 40 years of captive formation and management in Bermuda. ACMA, ACII, CGMA.

Bermuda Segregated Accounts (SAC)

Life Reinsurance Structures

ILS, Catastrophe Bonds & Parametric Structures

Managing General Agents (MGA)

Captive Insurance (Class 1, 2 & SAC)

Not sure which structure fits your situation?