Insurance incorporations on the Island fell slightly in October compared to last year, while November's numbers positively outstripped the previous month's totals.

Broken down in terms of actual companies to form, data released this week by the Insurance Division of the Bermuda Monetary Authority (BMA) showed that in October there were seven new insurance entities registered to write business on the Island compared to ten during the same period in 2002.

In November, that number jumped to 12. There were no November, 2002 figures available for comparison.

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

In addition, there were two class two incorporations, or multi-parent captives, with minimum capital and surplus of $250,000.

Also in October, there were five new class three or long-term insurance licenses granted.

Last month the level of new companies forming jumped signficantly - perhaps in readiness for January 1 renewals - with there being two class one companies formed, one class two insurer and nine class three or long-term licences granted.

No class four insurers - the highly capitalised companies licensed to write either direct excess liability and/or P&C re/insurance - were licensed to write business in the Bermuda market during October or November.

The latest numbers bring the total level of insurance companies to establish this year to date on these shores to 62. Through the six-month period, there were 43 new companies compared to 40 for the same period in 2002.

•See chart naming the new companies according to class and date of incorporation.