Four new insurance companies were handed licences to do business from Bermuda last month, with incorporation activity on par with July 2004.

At least three of the four insurance incorporations were captive companies ? vehicles set up to insure their parent companies ? data from the insurance division of the Bermuda Monetary Authority (BMA) revealed on Friday.

Two of the July insurance incorporations were single parent captive companies: SOL International Ltd. and Tartaruga Insurance Ltd.

In a high-profile move, multinational banking giant HSBC Plc. was given a class two insurance licence by the BMA when it moved its captive insurance operation from Guernsey to Bermuda, during the month. The redomiciled captive was renamed HSBC Insurance (Bermuda) Limited from HSBC Insurance (International) Holdings Limited.

The fourth insurer to be licensed as a Bermuda entity in July was Boston Insurance SAC Ltd., which was given a class three license.

There were no class four licences issued, with these being reserved for large re/insurers who are required to maintain minimum capital and surplus of $100 million.

Bermuda has not attracted a class four insurer since the licensing of CIG Reinsurance Ltd. at the end of September last year, according to BMA records.