A total of five new companies’ registrations were confirmed by the Bermuda Monetary Authority in January, it was announced yesterday.

They included Rubik Reinsurance, Ltd., a Class 3A entity under the BMA insurance-type structure, Broadhead Risk Management Ltd., a Class 2, Hyaline Re Ltd., a Class 3A, Swan Re Ltd. a class 3A and Beechwood Bermuda International Ltd. which is a Class C.

Year to date, the five confirmed registrations make up the register for 2014.

The BMA reported that the Monthly Assessment & Licensing Committee (ALC) reviewed five insurance applications in January. Two of the applications were declined and three applications were approved.

They also state that registration and licencing of approved insurance entities is subsequent to the ALC application process, and may be confirmed in future periods.