Bermuda continues to be an attractive destinations for insurance companies, Finance Minister Bob Richards said yesterday.

Mr Richards was speaking after the Bermuda Monetary Authority (BMA) revealed that new company registrations had jumped year on year.

The latest figures showed that there were 53 new registrations to September this year, compared to 33 in the corresponding period of 2012.

Mr Richards said: “The insurance sector is pretty solid and the members have said the numbers are pretty solid.”

But he added: “The issue of insurance is that many of these companies won’t directly produce employment. The insurance model is changing and a lot of new insurers are special purpose insurers.

“The employment capability is not like it was ten years ago or 15 years ago.

“But it certainly underscores that we are a successful and attractive domicile for the insurance industry.”