Bermuda is on target to beat last year's total number of new re/insurance set up on its shores, according to the latest statistics released by the Bermuda Monetary Authority (BMA).

The BMA's figures showed that 40 new companies were incorporated on the Island in 2008, but there have been 19 such entities formed since the start of this year.

In May, five companies were set up - the equal highest number so far in 2009 along with March, including four Class One re/insurers and one Class 2 re/insurer, with Charon Insurance Ltd. and Jersey Re Ltd. leading the way, both on May 4.

They were followed by Fresenius Medical Care Risk Management Group Ltd. on May 15 and Class 2 re/insurance company Esecuritel Re Ltd. on May 20 and finally Seaboard Insurance Ltd. on May 26.