Two insurance companies set up in Bermuda during May, bringing the total of new firms incorporated on the Island to 18 this year, according to the latest statistics from the Bermuda Monetary Authority.

M Global Services Ltd. and Reid Street Services were formed on May 6 and May 25 respectively. M Global Services is a broker and Reid Street Services an insurance manager.

May represented the joint lowest month in terms of registrations in Bermuda during 2010 equalling that of January .