What Bernina Re does

Bernina Re Ltd. is a specialist reinsurance and retrocession provider registered in Bermuda and licensed by the Bermuda Monetary Authority as a Class 3A reinsurer, with Solvency II equivalence. Founded in 2017 and operationally fully staffed by 2019, the company underwrites traditional reinsurance business through four product lines: Property (Catastrophe Excess of Loss, Risk Excess of Loss, and proportional treaty), Speciality (Marine, Engineering, Energy, Space, Aviation, and Agriculture), Man Made Risk, and Other Classes such as Lottery. The firm operates from its head office in Hamilton, Bermuda (Park Place, 55 Par-la-Ville Road) and a branch office in Zurich, Switzerland (Tödistrasse 63, 8002 Zurich), leveraging Bermuda's status as a top-three global reinsurance hub.

The business operates on a relationship-driven, enterprise field-sales GTM model, sourcing and underwriting reinsurance directly from ceding insurance companies and via reinsurance brokers. Critically, Bernina Re is structured as a "transformer" reinsurer — it underwrites business for the exclusive benefit of funds managed by its parent, Euler ILS Partners Ltd., on a fully collateralized basis. This means its capital base is provided by an insurance-linked securities investment manager rather than traditional equity or debt financing, and revenue is generated through reinsurance premiums underwritten and ceded from ceding insurers.

Operationally, the company has 11–50 employees including a Chief Underwriting Officer (Will Haddrell), Head of Zurich Branch (Mili Biswas), Senior Technical Accounting Manager (Daniel Gutzwiller), Head of Business Technology (Albert Kan), and a Catastrophe Modeler (Luca Naterop). The firm is privately held with no public ticker and does not publish revenue figures. Service geographies span Bermuda and Switzerland, with an explicit restriction on United States-domiciled business. No public marketing or distribution campaigns exist beyond a corporate LinkedIn presence; the company maintains GDPR and Bermuda PIPA compliance for data handling.

Name

Bernina Re

Legal name

Bernina Re Ltd.

Website

https://berninare.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Bernina Re is a Bermuda-based specialist reinsurance and retrocession provider offering property, specialty (marine, engineering, energy, aviation), and man-made risk capacity to ceding insurers, backed by Euler ILS Partners Ltd. capital on a fully collateralized basis.

Ownership category

akta.pro rank

Product category

Reinsurance Services

NAICS

Insurance Carriers (5241)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Property Catastrophe Reinsurance (FSAOACAA)

akta.pro secondary industries

Specialty Catastrophe Reinsurance (Marine, Aviation, Energy, Cyber) (FSAOACAC), Man-Made / Terrorism Catastrophe Reinsurance (FSAOACAE), Catastrophe Treaty Reinsurance (FSAOAEAE)

Keywords

• Reinsurance services
• Retrocession capacity
• Property catastrophe
• Specialty insurance
• Risk transfer

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Reinsurance Premiums: Bernina Re generates revenue by underwriting reinsurance and retrocession business, collecting premiums from ceding insurers in exchange for assuming specified risks. The company operates on a fully collateralized basis for funds managed by Euler ILS Partners Ltd.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Bernina Re is a specialist reinsurance and retrocession provider offering risk transfer products and solutions to insurance companies. The company underwrites Property (Catastrophe XL, Risk XL, and proportional treaty), Speciality (Marine, Engineering, Energy, Space, Aviation, Agriculture), Man Made Risk, and Other Classes such as Lottery, operating from Bermuda and Switzerland on a fully collateralized basis for funds managed by Euler ILS Partners Ltd.

Product overview

Bernina Re offers a unified reinsurance platform providing risk transfer products and solutions across four core product lines: Property (Cat XL, Risk XL, and proportional treaty), Speciality (Marine, Engineering, Energy, Space, Aviation, Agriculture), Man Made Risk, and Other Classes such as Lottery. The company operates as a specialist reinsurance and retrocession provider underpinned by disciplined underwriting, superior analytical capabilities, and professional excellence.

Differentiator

Problem solved

Functional benefit

Products and services

• Property Reinsurance Property reinsurance product offering significant capacity for Catastrophe Excess of Loss (Cat XL), Risk Excess of Loss (Risk XL), and proportional treaty coverage for ceding insurance companies.
• Speciality Reinsurance Specialty reinsurance covering Marine, Engineering, Energy, Space, Aviation, and Agriculture lines of business for ceding insurers requiring specialty capacity.
• Man Made Risk Reinsurance Reinsurance capacity for man-made risks, providing coverage for losses arising from human activities.
• Other Classes Reinsurance Additional reinsurance classes including Lottery coverage and other miscellaneous risk categories for ceding insurers.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators1 record

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• Munich Re: World's largest reinsurer, headquartered in Germany with extensive Bermuda and Swiss operations across property cat and specialty. Comparable as a market leader in the same reinsurance product categories Bernina Re serves.
• Everest Re: Bermuda-based global reinsurer writing property catastrophe, marine, aviation and energy specialty lines. Comparable in product mix and Bermuda regulatory standing.
• Swiss Re: Global reinsurance incumbent headquartered in Zurich, writing property catastrophe and specialty lines out of Switzerland. Bernina Re's Zurich branch operates in the same hub and the same regulatory jurisdiction.

Direct peers

• Hamilton Re: Bermuda-based reinsurer writing property catastrophe and specialty reinsurance on behalf of third-party capital providers. Closely comparable business model to Bernina Re as a capital-backed transformer reinsurer.
• Third Point Reinsurance: Bermuda-domiciled property catastrophe and specialty reinsurer backed by hedge-fund/ILS-style capital. Comparable as a Bermuda specialty reinsurer leveraging third-party capital.
• Ascot Group: Bermuda specialty insurance and reinsurance platform writing property, marine, energy and aviation lines. Directly comparable in product scope and Bermuda regulatory positioning.
• Convex Group: Bermuda-headquartered specialty insurer and reinsurer writing Property Cat, marine, aviation and other specialty lines. Closely comparable to Bernina Re in domicile, regulatory profile (Solvency II equivalent), and specialty product mix.
• Horseshoe Group: Bermuda-based specialty reinsurance group underwriting property catastrophe and specialty risks from Bermuda. Comparable to Bernina Re as a Bermuda-domiciled specialty/cat reinsurer.
• Aspen Insurance: Bermuda-domiciled specialty (re)insurer with property, marine, energy and aviation exposure. Comparable product lines and Bermuda regulatory platform to Bernina Re.

Emerging players

• Premia Holdings: Bermuda-based run-off and legacy reinsurance platform. Comparable as a Bermuda-domiciled specialty reinsurer operating at similar scale to Bernina Re.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/bernina-re-ltd

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bernina Re