A flurry of new insurance and reinsurance companies have been launched in Bermuda according to the latest statistics by the Bermuda Monetary Authority.

Leading the way is Antares Reinsurance Limited, formed in the middle of September, as a new venture between insurer Chaucer Holdings and private equity firm Lightyear Capital that will run a new syndicate in the Lloyd's of London insurance market.

The start-up, which been backed to the tune of £15 million ($30.5 million) by Chaucer Holdings, will be the parent company of a new Lloyd's insurer, Syndicate 1274, with underwriting capacity of £135 million ($275 million) that will insure property, liability, marine and aviation risks.

Other new entrants to the Island's insurance and reinsurance market include Lighthouse Overseas Insurance, Affiliated Recovery Insurance, Ambac (Bermuda) and Citadel International Reinsurance, all set up in August.

Among last month's newly-formed businesses are Canopius Bermuda, a Bermuda-based platform for specialist underwriter Canopius Group. Its operations will comprise Canopius Underwriting Bermuda which, subject to Lloyd's approval, will underwrite business on behalf of Syndicate 4444, and Canopius Bermuda Limited, a Class 3 reinsurance company with initial capital of $250 million.

Sideris Re also joined the growing list of new start-ups in September, while among the long-term enterprises launched were First British Bermuda Reinsurance and Hannover Life Reassurance Bermuda, which already has a number of affiliate companies in the US, UK and Australia.