The Bermuda Monetary Authority has reported an 81% increase in new insurer registrations.

In the first seven months of this year 47 registrations were received, up from 26 in the corresponding period last year.

The authority says 13 were lodged in July alone, with special purpose insurers accounting for seven.

Special purpose insurers are projected to underwrite more than $US1.7 billion ($1.9 billion) over the next five years across property catastrophe reinsurance, life and annuity and catastrophe bonds.

Several new captive insurers also registered in July.

Director of Licensing and Authorisations Shelby Weldon says “a growing trend of captives redomiciling onshore has not been the experience of the Bermuda market. In fact, during the first seven months… no Bermuda captives have redomiciled to other jurisdictions, either onshore or offshore.”