The number of insurance companies registered in Bermuda rose about five percent compared to a year earlier, the Registrar of Companies revealed on Friday.

At October 31, the Registrar of Companies said the number of insurance companies rose to 1,449 from 1,384, an increase of 4.7 percent.

Over the first ten months of 1996, 74 companies were incorporated and 26 removed. Comparable figures for the same ten months last year were 65 and 38 respectively.

Of the 74 new companies, one third, or 25, were in the Class 3 part of the new licensing system.

There were 18 new Class 1 and 18 new Class 2 companies.

Two Class 4 companies were incorporated. Class 4 companies, insurers and reinsurers writing direct excess liability and or property catastrophe reinsurance risk, must meet the strictest requirements under Registrar of Companies classification rules.

There were five new insurers writing long term business while six composite insurers, companies writing a combination of long term and other business, were added.