HAMILTON, Bermuda—Seventy-one new insurance and reinsurance companies formed in the Bermuda market last year, the Bermuda Monetary Authority reported Monday.
That was a drop of 11 from the 82 formed in 2006, a decline that “reflected the generally softer market conditions globally,” the BMA said in its statement announcing the market’s growth.
The BMA also announced that the Bermuda market wrote $115.8 billion in gross written premiums in 2006, the last year for which statistics are available. That was a jump of 15% from the previous year. Captives accounted for about $22 billion in gross written premiums, according the BMA.