Newquay-born Bearman signed for the Ospreys two years ago and has proven to be an influential member of the squad on and off the field.
He made his debut for the region coming off the bench in a 32-14 win over Ulster in September 2011, with his first start two weeks later as the Ospreys defeated Munster 17-13.
Fast closing in on a half century of games for the region, Bearman currently stands on 45 appearances, scoring three tries.
"I've really enjoyed my first two seasons down here so I'm really happy to be able to sign a new contract," said Bearman.
"It's a pleasure to come to work every day, to play for the Ospreys. We've got a great bunch of boys in the squad and quality coaching staff, there's a great atmosphere around the place and I'm really enjoying myself here, so it was a straightforward, easy decision to commit myself to the Ospreys for another two years.
"It was a dream come true to win the league at the end of my first season as an Osprey, particularly the way we did at Leinster in the final. That day will stay with me forever, but the challenge this season and over the next two years is to make sure we achieve that standard consistently as a group, week in, week out."
Cardiff Blues have also been active, signing Samoan international Filo Paulo.
A physical player and strong line out jumper, Paulo can play in the second row or blindside and made his international debut for Samoa in their Autumn 2012 tests, playing against Canada and France. He was also part of the Samoa team that defeated Wales by 26 points to 19, at the Millennium Stadium in November.
Standing at 6ft 6in tall and weighing in at 19 stone Paulo is certainly a formidable presence on the pitch and had a stint with Ulster early on in his career before returning to New Zealand.