The increased number of insurance companies setting up in Bermuda reflects the continued confidence shown in the Island by the international marketplace and its expertise in global risk financing.That is the view of Peter Willitts, the new chairman of the Bermuda Captive Conference (BCC), and Allison Towlson, chairman of the Insurance Development Council (IDC).Earlier this week, The Royal Gazette reported that 54 new companies were established in Bermuda in 2011 including 13 last month according to the latest figures from the Bermuda Monetary Authority (BMA).Ms Towlson said: “The IDC is pleased with the increase in incorporations for the month of December, the latest evidence of the island’s excellence in global risk financing.“We are the only jurisdiction that provides leadership in captive insurance, reinsurance and commercial insurance three distinct sectors of the business.”She said that while it was too early to say whether the latest incorporations, which span all three sectors, would result in direct job creation, their business would indirectly require new services thus providing a much-needed boost for the local economy.“A variety of providers have to be staffed in support of this business and this is good for our economy,” she said.“Bermuda has seen increased success with the formation of Special Purpose Insurers and we view the statistics released by the BMA as a positive indication that 2012 will shape up to be a strong year for the industry.”Mr Willitts said: “The continued confidence shown in Bermuda by the global marketplace is reflected in the latest company incorporations, much like the response we have seen to the planning for the Bermuda Captive Conference.“We have been busy making arrangements for the 2012 event June 4 to 6, and we are delighted, but not surprised with the Bermuda Monetary Authority announcement.“On balance, It has remained a soft market which is only just beginning to turn, so for Bermuda to have formed 54 insurance companies last year is really nothing short of fantastic.”He was most pleased with the spread of formations across the board reflecting a varied and active market.“It included new business for about 20 members of the Bermuda Insurance Management Association (BIMA),” he said. “And the new business occurred across classes everything from Class 1 to Class 4 again, a healthy spread.“That is a reflection of a highly diverse and vibrant market.“We look forward to another great Bermuda Captive Conference because we are already seeing a high level of awareness, more preparation and detailed participatory interest in the educational programme.”