The number of new insurance companies registered in Bermuda last year jumped by nearly three quarters compared to 2012.

A total of 91 companies set up shop in the Island in 2013 — a 72 percent increase on the 53 registers the year before — and the Island saw a record number of special purpose insurers open for business.

And the number of new captive insurance companies logged doubled compared to 2012.

Bermuda Monetary Authority CEO Jeremy Cox said: “Achieving this level of business in today’s competitive environment reinforces Bermuda’s unique ability to service the full spectrum of high-end, global reinsurance and insurance business.

“It also demonstrates the continued relevance of Bermuda as a jurisdiction as the market seeks diversification in risk transfer, with alternative products increasingly complementing traditional reinsurance.”

The new firms included both the traditional and fast-growing alternative risk transfer sectors of the insurance market.

Companies registered last year covered all classes of insurer — 24 new captives, 16 commercial insurers and a record 51 special purpose insurers.

That compared to 12 new captives, 14 commercial insurers and 27 special purpose insurers recorded for 2012.

Mr Cox said: “The new registrations include significant firms in the traditional reinsurance space, including a Class 4 reinsurer. We also saw additional core business in the form of the 24 new captives registered during the year, building further on Bermuda’s leadership position in that sector.”

Mr Cox said the record number of special purpose insurers reflected Bermuda’s position as a leader in the creation and management of insurance-linked securities (ILS).

The Island was home to $9.2 billion of the $21 billion of global issue of insurance-linked securities in 2013 — more than 40 percent of the worldwide stock of ILS.

Mr Cox said: “The 51 new special purpose insurers set up last year almost doubled the 2012 total, a remarkable achievement. This reflects to a great degree the significant work Bermuda’s industry service providers and the Bermuda Stock Exchange conducted during the year to promote Bermuda as the premier jurisdiction for ILS.

“Data from the authority’s new Bermuda ILS report issued late last year also highlighted that Bermuda has been successful in broadening the type of business being covered, as well as becoming a leading jurisdiction for ILS transactions.

“This would include traditional cat bonds, property and property catastrophe, along with other shorter-term risks.

“Therefore, Bermuda has been able to build on our long-standing experience in insurance regulation and alternative risk transfer to create innovative opportunities for both investment and capital development, primarily for the US and European markets.

“Bermuda has balanced this with building further on the captive and commercial insurance platforms that have enabled business to grow here over many decades.

“We look forward to seeing another successful year of new registrations in 2014.”