The tournament represents the PGA Tour's first official annual event on the island.
Port Royal Golf Course held the now-defunct PGA Grand Slam of Golf, an offseason event that brought together the winners of the season's four majors, from 2009-14.
"Bermuda is an appealing year-round destination, and the players will love visiting in the fall, plus we will be hosted by an outstanding golf course," said Ty Votaw, Executive Vice President, International for the PGA Tour.
According to the PGA Tour, the Bermuda Tourism Authority has signed a five-year agreement, through 2023, as the title sponsor of the event.
The tournament will have $3 million purse and offer 300 FedExCup points to the champion.
(Reporting by Frank Pingue in Toronto; Editing by Toby Davis)
