Bermuda last year, the Registrar of Companies said.

Statistics released yesterday show 97 new insurers were added to the register in 1996, up from 90 in 1995.

The additions bring the total number of registered international insurers in Bermuda to 1,470 from 1,401, an increase of 4.9 percent. Some 28 companies were removed from the register last year compared to 46 in 1995.

Last year was the highest for incorporation activity since 1986 when 125 new insurers were added.

Registrar of Companies Kymn Astwood called the high level of incorporations "remarkable.'' The 1996 numbers demonstrate Bermuda's unique ability to attract new business during soft insurance markets, Mr. Astwood said.

Of the new companies, 30 were class three insurers, a group defined as finite reinsurers, insurers writing direct policies with third party individuals and captives deriving more than 20 percent of net premiums from unrelated risks.

Class one or two licences were issued to 51 new captive insurance companies.

Class one companies are single-parent captives which insure only parent company risks.

The 1996 statistics also include, for the first time, a comprehensive analysis based on 14 company type categories.

About one quarter, or 23, of the new companies were pure captives followed by 16 professional insurers and/or reinsurers, ten association captives, nine agency captives and seven captives writing connected business.

Of Bermuda's 1,470 insurance companies (compared to 1,401 in 1995): 470 are class one compared to 453.

434 are class two compared to 406.

291 are class three compared to 254.

18 are class four compared to 15.

49 are long term compared to 42.

48 are composites compared to 32.

160 are others compared to 199.

Of the 97 additions in 1996 (compared to 90 in 1995): 23 are class one compared to 33.

28 are class two compared to 26.

30 are class three compared to 22.

Six are long term compared to six.

Seven are composites compared to 2.

COURTS CTS