The number of insurance companies setting up in Bermuda grew to 40 over the past year, according to the latest figures published by the Bermuda Monetary Authority (BMA).

The BMA's list of incorporations saw four more firms join in December 2008, including Class 2 reinsurer Walter Investment Reinsurance Co. Ltd. on December 1.

Meanwhile Class 3 re/insurance companies Sigma Reinsurance Ltd. was incorporated on December 5, Nemean Reinsurance Co. Ltd. on December 10 and Tamcap Insurance Co. Ltd. on December 23.