The largest number of re/insurance companies set up in business in Bermuda during October, according to the latest statistics released by the Bermuda Monetary Authority (BMA).

The BMA's year to date list of incorporations through October 2009 revealed that eight re/insurers were formed on the Island last month, three more than the previous biggest total of five in March, May and June respectively. Leading the way was Class 3B reinsurance company Libero Reinsurance Ltd., which was established by International Advisory Services Ltd. on October 2, followed by Class 1 insurer Pembroke Hall Insurance Ltd. by Willis Management (Bermuda) Ltd. and Microfinance Re Ltd., a Class 2 reinsurer, by Ace Alernative Risk Ltd., both on October 20. A day later Longhorn Re Ltd., a Class 3 reinsurance company, was formed, while Evolution Re Ltd., a Class 3 and long-term reinsurer, was set up by Evolution Management Ltd. and Class 3B reinsurer MK Re Ltd. by AII Insurance Management Ltd. on October 26.

Pink Sands Reinsurance Ltd. was established by Willis Management (Bermuda) Ltd. on October 27 and SA Reinsurance Ltd. on October 29, both long-term reinsurance companies.