The Bermuda Monetary Authority in February approved three insurers and one broker to do business on the Island.The new registrants are Mt. Logan Re Ltd., Lorenz Re, Safe Harbor Management Ltd and broker International Specialty Brokers Ltd. Mt. Logan Re Ltd. is a sidecar launched by Everest Re Group Ltd. Lorenz Re is a special purpose insurer, according to BMA records.A number of new sidecars have cropped up in recent months, including one that will also write primary business.Earlier this month, Aon Risk Solutions, the global risk management business of Aon plc, said it signed a unique coinsurance agreement with Berkshire Hathaway International Insurance Ltd. Aon Risk Solutions will place business in the sidecar where the Lloyd's market participates. Unlike most sidecars, which write reinsurance business, this sidecar is globally available across all industry segments to write primary business for retail clients.In January, Argo Group International Holdings Ltd. launched its first sidecar, Harambee Re 2013-1 Ltd., which will write business for the 2013 accident year. Harambee Re supports both a reinsurance and an insurance portfolio, Argo said.Also in January, AlphaCat Managers Ltd., the investment advisory subsidiary of Validus Holdings, has raised $404.4 million of third-party capital for collateralised reinsurance and insurance-linked securities.RenaissanceRe Holdings Ltd. also launched Upsilon Reinsurance II Ltd., a $185 million sidecar to write collateralised retrocessional reinsurance.