The Bermuda Monetary Authority (BMA) has reported that 12 new insurance companies have registered in Bermuda.

Craig Swan, managing director, supervision at the BMA said: “Bermuda remains attractive due to our unique ability to service the full spectrum of insurance.” He said the statistics that demonstrate “the continued significance of the Bermuda insurance and reinsurance marketplace and underline its major role as a stable, well-capitalised player in the world’s risk transfer industry.”

In addition, BMA statistics show that Bermuda’s international insurance sector achieved “substantial” underwriting results, according to their press release, recording over $120 billion in gross premiums written in the latest reporting period.

Mr Swan said Bermuda’s risk transfer industry continued to write “significant volumes of premiums, helping buyers to manage exposures in the face of changing market conditions.”

The BMA also reported that Bermuda’s insurers hold substantial amounts of capital and surplus as well as total assets.

Mr Swan added: “The robust results of Bermuda’s insurers and continued influx of new firms demonstrates the importance of the Bermuda market and its ability to provide stable capacity.”

According to the BMA, the latest available statistics show that the Bermuda insurance market recorded an increase of aggregate gross premiums written of $120.5 billion, up 12 percent year-on-year from the $107.6 billion recorded the previous year; net premiums written totalled $98.1 billion, up 3.7 percent year-on-year from the $94.6 billion written the previous year. Overall, the market recorded aggregate total assets of $505.5 billion, up 11.8 percent year-on-year from $452.2 billion, and held capital and surplus of $193.0 billion, up 14.4 percent year-on-year from $168.7 billion.

Gross premiums written by the commercial sector was $74.4 billion. Total assets for the commercial sector were $359.9 billion, while capital and surplus was $135.9 billion. The captive sector wrote $46.1 billion in gross premiums and reported total assets of $145.6 billion; reported capital and surplus for this sector was $57.1 billion. The 12 new insurance companies registered in Q1 2014 ran the whole gamut of insurance: from captives and small commercial insurers; to Long-Term (life) insurers and Special Purpose Insurers.