Seven insurance companies were set up in Bermuda last month - the highest number so far this year, according to the latest figures from the Bermuda Monetary Authority (BMA).

The BMA's Monthly Registration Statistics showed that five insurers, one broker and one manager incorporated on the Island during March, bringing the total figure for the year to 11 insurers and four intermediaries.

Transatlantic Reinsurance Company, a Class 3B reinsurer whose insurance manager is HSBC Insurance Management (Bermuda) Ltd., was formed on March 16, followed by broker Caledonia Planning Group, Bermuda Ltd. the next day.

Granite Management Ltd., a manger, was started on March 22, while Special Purpose Insurer (SPI) Merna Reinsurance II Ltd. was set up by Renaissance Underwriting Mangers Ltd. on March 24 and Class 3A and long-term reinsurer Financial Reassurance Company 2010 Ltd. by International Advisory Services Ltd. on March 25.

Long Bay Re Ltd., a Class 3 insurer, was formed by Horseshoe Management Ltd. on March 26, and Sector Re IV Ltd., an SPI was launched by HSBC Insurance Management (Bermuda) on the same day.