Globe Re Ltd. led the way for new insurance-sector companies setting up in Bermuda over the last month.

The new Class 3 reinsurer, which was launched on May 30 and has a $20.5 million cash backing from Benfield Group Ltd., has been writing business since the start of this month.

Benfield Advisory, Benfield's specialist corporate finance and advisory business, is the joint structurer and placement agent for the sidecar, which was captalised with $33 million of equity and $100 million of debt securities.

The only other newly-incorporated firms were Cataline Insurance Ltd., which formed on May 8, and Claddaugh Casualty Insurance Co. Ltd., two days before on May 6. Both are Class 3 insurers.

The new additions bring the total number of new incorporations to 15 in the Class 1,2 3, 4 and long-term categories.