Three new insurance companies received licences to do business in Bermuda last month compared to seven new incorporations in June, 2004.

Two of the new incorporations in June ? Gauntlet Standard Insurance Company Limited and Gennaker Insurance Company Limited ? registered as class three insurers while Ability Reinsurance (Bermuda) Limited registered as a Long Term insurer.

The addition of the three companies brings the total number of insurance companies that have set up in Bermuda during the first six months of the year to 27, which is seven fewer than the 34 that had incorporated in Bermuda by this time last year and 16 fewer than the 43 companies that had incorporated in Bermuda by this time in 2003.

Since January 2005, the BMA has registered five single parent captives, six multi-owner captives and 11 class three insurers, which may be single-parent, group, association, agency or joint venture captives where more than 20 percent of net premiums written is from risks which are unrelated to the business of the owners. They can also be finite reinsurers; reinsurers writing third party business or insurers writing direct policies with third party individuals. The total number of long-term insurers incorporated in 2005 now stands at five.

No Class 4 companies, the highly-capitalised re/insurers primarily handling high-end excess liability business, incorporated during the month nor has the Island seen any new Class 4 insurers incorporate this year.