November 2026
Largest Public Companies in Bermuda
Benchmark revenue and EBITDA valuation multiples for public comps like
Arch Capital Group, AXIS Capital, White Mountains, Hamilton Insurance Group and Butterfield Group.
 | Arch Capital Group Ltd is a Bermuda company that writes insurance and reinsurance with operations in the United States, Canada, Europe, Australia, and the United Kingdom. The business operates through three underwriting segments: insurance, reinsurance, and mortgage. The insurance segment provides specialty risk solutions to clients across various industries. The reinsurance segment provides reinsurance services which cover property catastrophe, property, liability, marine, aviation and space, trade credit and surety, agriculture, accident, life and health, and political risk. The mortgage business provides risk management and risk financing products to the mortgage insurance sectors through platforms in the U.S., Europe and Bermuda. | $109 | +16% | $36B | $36B | 1.8x | 6.7x | ||
| Axis Capital Holdings Ltd is a specialty underwriter and provider of insurance and reinsurance solutions with operations in Bermuda, the United States ("U.S."), Europe, Singapore, and Canada. The company manages its portfolio holistically, aiming to construct an optimum consolidated portfolio of funded and unfunded risks. The company's segment consists of AXIS Insurance and AXIS Reinsurance. The company generates the majority of its revenue from the Insurance segment. Geographically, the company generates the majority of its revenue from the United States. | $109 | +6% | $7.8B | $7.8B | 1.2x | 5.8x | ||
| White Mountains Insurance Group Ltd is a Bermuda-domiciled public holding company that owns and manages insurance and related financial-services businesses. It uses a permanent-capital model to make opportunistic, value-oriented investments and generally gives operating managers autonomy, capital and strategic support. Its sector focus includes property and casualty insurance, reinsurance, insurance distribution, asset management and adjacent financial or technology businesses. White Mountains can take controlling or non-controlling interests, although its current investment approach generally favours control and long-term partnerships. The group has owned companies such as Ark, Bamboo, Kudu, MediaAlpha, NSM and Tranzact and has repeatedly sold holdings when attractive exit opportunities arose. Its returns come from underwriting, investment income, operating-company value creation and realised disposals rather than a single insurance product. White Mountains acquired a controlling 70.9% interest in Buzzmove in August 2016 through its capital-investment activities. | $2,255 | +11% | $5.4B | $5.4B | 1.9x | 3.8x | ||
| Hamilton Insurance Group Ltd is a specialty insurance and reinsurance company. It operates globally, with underwriting operations in London, Dublin, Bermuda, and the United States. It operates three principal underwriting platforms (Hamilton Global Specialty, Hamilton Select, and Hamilton Re) that are categorized into two reporting business segments: International and Bermuda. | $38 | +41% | $3.8B | $3.8B | 1.3x | 4.4x | ||
| Bank of N.T Butterfield & Son Ltd is a full-service bank and wealth manager. It offers banking services, comprising retail and corporate banking, and wealth management services, which consist of trust, private banking, and asset management business. The company operates through four reportable segments: Bermuda, Cayman, Channel Islands and the UK, and Other. In its Bermuda and Cayman segments, the company offers retail banking and wealth management services. In the Channel Islands and the UK segment, the company offers retail and corporate banking and wealth management services, and the Other segment includes its operations in the Bahamas, Canada, Mauritius, Singapore, and Switzerland. Maximum revenue for the company is generated from its business in Bermuda. | $57 | +22% | $2.2B | $2.2B | 3.7x | - | ||
| SFL Corp Ltd is an international ship-owning and chartering company. The company is engaged in transporting crude oil and oil products, dry bulk and containerized cargoes, freight of rolling cargo, and offshore drilling and related activities. | $11 | +36% | $1.7B | $3.9B | 5.5x | 10.7x | ||
| Nordic American Tankers Ltd owns and operates double-hull crude oil tankers. It is an international tanker company that owns double-hull Suezmax tankers. It operates vessels in the spot market or on spot market-related charters according to cooperative arrangements with third parties. The company's fleet consists of crude oil tankers, and all of its vessels are employed in the spot market. The company has only one type of vessel - Suezmax crude oil tankers. It operates in markets that are very competitive and based mainly on supply and demand. | $7 | +85% | $1.4B | $1.7B | 5.8x | 16.4x | ||
| Flex LNG Ltd is an LNG shipping company with a fleet of next-generation LNG carriers with large cargo capacity. The company's fleet consists of several LNG carriers on the water, and all of its vessels are of the latest generation equipped with two-stroke propulsion. Its fleet consists of M-type, Electronically Controlled, Gas Injection (MEGI) LNG carriers and Generation X Dual Fuel (X-DF) LNG carriers, offering improvements in fuel efficiency and thus also carbon footprint compared to the older steam and four-stroke propelled ships. The company has one reportable segment: vessel operations, which generates revenue from the chartering of vessels to customers. | $25 | +0% | $1.4B | $2.8B | 8.0x | 11.6x | ||
| Paratus Energy Services Ltd provides services to the offshore energy industry and is a provider of drilling services, operating a fleet of five high-specification jack-up rigs: Defender, Courageous, Intrepid, Oberon, and Titania FE, currently located in Mexico. Through its subsidiaries, the Company also owns and operates six multipurpose pipelaying service vessels and provides drilling and well services. It further operates a subsea services company with a fleet of six multipurpose pipe-laying support vessels: Diamante, Topazio, Esmeralda, Onix, Jade, and Rubi, with capabilities for subsea engineering, installation, and other services under contract in Brazil. Its reportable segments are: Seagems, which generates the maximum revenue, Fontis, and Other (Corporate Expenses). | $5 | +23% | $867M | $1.5B | 9.8x | - | ||
| Conduit Holdings Ltd operates in the insurance industry engaged in providing reinsurance products and services to its clients around the world. It operates in three segments property, casualty and specialty. The majority is from the property division. Geographically, the majority is from the United States and also has its presence in Europe, and other countries across the globe. | $6 | +28% | $817M | $817M | 1.0x | 6.9x | ||
| Himalaya Shipping Ltd is engaged in the operation of dry bulk vessels and focuses on operating a fleet of Newcastlemax dry bulk carriers. | $16 | +76% | $746M | $1.4B | 10.5x | 14.2x | ||
| G2D Investments Ltd. is a publicly listed investment company incorporated in Bermuda in July 2020. It holds direct company investments and interests in investment funds, giving shareholders exposure to technology businesses and consumer brands in Brazil, the United States and Europe. The company was established within the GP Investments group, with an initial portfolio contributed through a corporate restructuring. GP Advisors (Bermuda) Ltd. manages investment and divestment decisions under an investment management agreement. G2D’s portfolio includes positions held through dedicated funds as well as direct investments in operating companies, so its reported underlying exposure does not always identify it as the direct legal shareholder. Its shares are listed in Bermuda and Brazilian depositary receipts trade on B3. At the end of 2025, the company reported net asset value of approximately R$633.4 million. | $0 | -32% | $23M | $35M | (43.7x) | (2.2x) | ||
| Median | $21 | +23% | $1.6B | $2.5B | 2.8x | 6.8x |
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