A total of seven new insurance companies were last month registered by the Bermuda Monetary Authority.

Five of the seven were special purpose insurers used as vehicles for insurance-linked securities.

The BMA monthly statistics for April brings this year’s total to 16 companies.

There were ten insurance applications reviewed in April. Two applications were deferred from the previous month.

Nine of the applications were approved by the Insurance Licensing Advisory Committee and one was declined.

Registration and licensing of approved insurance entities is subsequent to the ILAC application process and may be confirmed in future periods.