The Bermuda Monetary Authority (BMA) registered 45 new insurance entities in the first half of this year, comprising 34 insurers and 11 intermediaries.

This compares with 44 registered in the corresponding period last year.

Three new commercial reinsurers, capitalised at a minimum of $US100 million ($134.92 million) each, were formed.

BMA Director Licensing and Authorisation Shelby Weldon says two new reinsurers attracted more than $US1 billion ($1.34 billion) in capital, which reflects the Bermuda market’s continued significance.

“In addition, an increase in the number of new insurance intermediaries setting up in Bermuda [up to 11 from eight] also demonstrates Bermuda’s attractiveness as a global insurance marketplace.”

The newly registered insurers also include four life insurers, 10 captives and 14 new special purpose insurers.

The formation of a Chinese special purpose insurer to facilitate catastrophe bond transactions with China’s largest reinsurer is an important milestone for Bermuda.

“During [the half] the authority noted a number of newly registered insurers expressly designed to facilitate the Chinese insurance market,” Mr Weldon said.

“Attracting business from China has been an objective for the jurisdiction for many years.”