Two re/insurance companies set up in Bermuda during June, bringing the total number of firms incorporated this year to 20.

Merna Reinsurance III Ltd., a special purpose insurer (SPI), was formed by reinsurance manager Renaissance Underwriting Managers Ltd. on June 11.

Class 1 insurer Security Warranty Ltd. was launched by Marsh Management Services (Bermuda) Ltd. on June 28.

Year-to-date there are now two new Class 1 insurers and five SPIs.