Bermuda’s moment of momentum
Strong public finances, credit upgrades and major digital infrastructure investments are securing Bermuda’s future as a global risk hub, says Premier, Hon. David Burt.
It is a pleasure once again to contribute to the Bermuda Risk Review and reflect on the strength of the industry at the heart of our economy as well as on Bermuda’s continued position as the world’s risk capital. Our economic indicators tell a clear story: five consecutive years of GDP growth, unemployment at its lowest in more than half a century and more Bermudians working in international business than at any point in our history.
In FY 2024/25, the Government delivered the first fiscal surplus in more than two decades before the first receipts from the new corporate income tax regime were collected, and in FY 2025/26, we delivered a second consecutive surplus.
Bermuda’s corporate income tax, which took effect on January 1, 2025, aligns with the OECD’s global minimum tax requirements while ensuring Bermuda remains a premier international business jurisdiction. The revenue it generates is being used responsibly: to repay debt, build fiscal buffers and invest in the infrastructure, services and people that secure Bermuda’s long-term competitiveness.
In January 2027, the Government will repay $605 million of national debt in full, the largest single debt repayment in Bermuda’s history, and we expect net debt to reduce significantly over the coming decade.
This progress has not been accidental. It is the result of the successful execution of the Government’s economic development strategy, sound fiscal management and the continued collaborative approach between the Government, our regulator, the Bermuda Monetary Authority, and industry, which continues to attract high-quality organisations to our shores.
In May 2026, our progress was independently recognised when Moody’s Ratings upgraded Bermuda’s sovereign credit rating to A1, citing the structural strength of our public finances and resilience of our institutions. S&P Global Ratings and Kroll Bond Rating Agency both improved Bermuda’s outlook from stable to positive in the same fortnight.
Bermuda’s position as the world’s risk capital remains a cornerstone of our economy. The continued growth of our property and catastrophe reinsurance market, our life and annuity reinsurance market and our insurtech market, reflect our vital role in global risk management.
We are the home of the world’s first fully licensed innovative long-term insurer and a growing leader in digital finance, where the number of licensed digital asset businesses grew to 49 in 2025, up from 36 the year before, demonstrating that innovation and sound regulation continue to set our jurisdiction apart.
In addition, the Government’s vision and commitment to economic development are ensuring that we attract high-quality organisations not only in insurance and digital finance, but also in technology and digital communications.
In June 2026, Google’s Nuvem and Sol sub-sea cable systems landed in Bermuda, connecting the island directly to both the US and Europe for the first time. This did not happen by chance. It followed almost a decade of deliberate work, from setting out a vision to make Bermuda a technology and innovation hub, to passing the Submarine Communications Cables Act in 2020 and building the framework that made the island a credible home for digital infrastructure of this scale.
By landing these systems and investing here, Google has recognised the strategic value, stability and reliability of our island. Its investment and partnership also stretch beyond cables and the supporting infrastructure. It is about jobs, training and educational programmes that will help to prepare Bermudians for the industries of the future.
Whether in reinsurance, life and annuity, insurance-linked securities, captives or emerging markets, Bermuda continues to offer the regulatory clarity, expertise, human capital and ecosystem businesses need to thrive. These characteristics will continue to drive our growth and resilience in an evolving global landscape and secure Bermuda’s place at the forefront of the global risk market for years to come.
David Burt is the Premier of Bermuda. To find out more about the Bermuda government and its role in financial services, go to www.gov.bm.
For more news on Bermuda Risk Review 2026, click here.
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