The Island saw five insurance incorporations in September, according to a monthly report from financial services regulator the Bermuda Monetary Authority.

The BMA added to the insurance register one class one company, Maple Street Indemnity Company, Ltd. and two class two insurers: Construction Insurance and Risk Captive of America Ltd. and Kappa Insurance Ltd.

Class one and two companies are defined as captive insurers, a self-insurance mechanism that can insure the risk of one or multiple parent companies.

There were also two class three insurers added in September: Finneston Insurance Limited and Structured Products Syndicate Reinsurance Ltd.

Class three insurers can be captive insurers or sell specialised insurance policies.

The capital requirements for class one, two and three insurers are lower than for highly-capitalised class four insurance and reinsurance companies like ACE Limited, XL Capital, Max Re, Partner Re, Axis Capital and others.