Three insurance companies and intermediaries set up in Bermuda during July, according to the latest statistics released by the Bermuda Monetary Authority (BMA).

UBSURE Bermuda Ltd., a broker, was formed on July 14, British Steamship Protection and Indemnity Association (Bermuda) Ltd., a Class 2 insurer, was launched by Cedar Management Ltd. the following day and Class 3 re/insurer The Property and Casualty Reinsurance Company of Bermuda Ltd. by Horseshoe Management Ltd. on July 26.

That brings the total number of insurance companies formed on the Island this year to 22 and intermediaries to seven.