Bermuda experienced its slowest month this year for new companies setting up in business on the Island during April, according to the latest statistics by the Bermuda Monetary Authority.

Two companies incorporated in Bermuda last month, following four in January, three in February and five in March - the highest level for 2009 so far.

Class 2 reinsurer Investors Advantage Reinsurance Ltd. formed on April 17, followed by MFG Assurance Co. Ltd., a Class 1 insurer, on April 28, which was established by Willis Management (Bermuda) Ltd.