A total of 35 new insurance and reinsurance companies incorporated in the first six months of 2007, figures released yesterday by the Bermuda Monetary Authority showed.

Only one, Starr Insurance and Reinsurance Ltd., which was incorporated in April, was a class 4 company.

Morgan Stanley Reinsurance Ltd., set up in May by the global finance giant of the same name, and Cross Bay Capital Re Ltd. were the two class 3 (long-term) entrants to the Bermuda market.

In 2006, 82 new insurance and reinsurance companies were incorporated on the Island over the 12 months.