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Bermuda insurance incorporations increase in 2006, regulator reports

Bermuda insurance incorporations increase in 2006, regulator reports

HAMILTON, Bermuda—Insurer and reinsurer incorporations hit a three-year high in Bermuda in 2006, with 82 new companies opening their doors there, newly released statistics from the Bermuda Monetary Authority show.

In addition, the number of new insurers and reinsurers that formed in Bermuda last year represented a 10% jump over the number of incorporations in 2005, the BMA--the regulatory body overseeing insurance companies on the island--said in a statement last week.

In 2005, the latest year for which statistics are available, the Bermuda market wrote a total of $100.7 billion in gross written premiums, up from $95.3 billion the previous year, the BMA said.

"It is good to see that overall Bermuda continues to be a very attractive domicile and good business choice for large commercial reinsurers and captives, as well as the primary market," Jeremy Cox, supervisor of insurance at the BMA, said in the statement.