Bermuda saw an equal number of insurance incorporations in June, year on year. But for the first six months of the year there were nine fewer insurance incorporations, compared to last year.

By this time last year, Bermuda had also attracted another class four insurers ? the largest, most highly capitalised insurance ventures.

However, in contrast to 2001 and 2002 ? when there was a wave of large, moneyed new insurers flocking to Bermuda to take advantage of improved market conditions ? this was to be the only class four insurer (Quanta Reinsurance Ltd.) incorporated in 2003.

And there have been no class four insurers ? the highly capitalised companies licensed to write either direct excess liability and/or P&C re/insurance ? licensed to write business in the Bermuda market since this time last year.

Broken down in terms of numbers alone, data released this week by the Insurance Division of the Bermuda Monetary Authority (BMA) showed that insurance incorporations were on par with last year as seven new companies formed in June, 2003 and June, 2004.

Of the seven ventures to incorporate this June, four were classified as class one insurers, or single-parent captive companies, with minimum capital and surplus requirements of $120,000.

There were no class two or multi-parent captives formed during the month.

And there were two new class three and one long-term insurance licences granted during the month.

The latest numbers bring the total level of insurance companies that have set up in Bermuda during the first six months of the year to 34 ? nine fewer than the 43 companies that had incorporated in Bermuda by this time last year.

@EDITRULE:

See separate chart listing June 2004 insurance incorporations