The Bermuda Monetary Authority (BMA) last year registered 64 new insurers and reinsurers — one down on 2014.

A total of 22 of the new companies are limited purpose insurers or captives, six up from the 16 registered the previous year.

Shelby Weldon, director of licensing and authorisations at the regulator, said: “Registration of captives is on the increase because they not only reduce insurance costs but are important components of the parent companies’ burgeoning risk management programmes.”

He added that captives registered in the last six months of 2015 covered a range of risks, from oil and gas drilling in Canada to drivers’ insurance in Peru.

Mr Weldon said: “It is encouraging to see continuing registrations from Canada and Latin America, as these regions have been targeted by Bermuda’s business development efforts.”

But he said the US is still the biggest source of captive formations for the second half of last year.

Bermuda captives remain out of the scope of the EU Solvency II supervisory rules, which only apply to the Island’s commercial insurers, reinsurers and insurance groups.

The BMA registered 13 new commercial general business insurers and reinsurers last year, compared with 11 in 2014.

Long term life insurance and reinsurance companies recorded nine new entries to the market, the same as the year before.

Among the new life insurers and reinsurers is a Chinese firm designed to reduce the cost of cancer treatment in the country.

And a total of 20 special purpose insurers were registered in 2015, down eight on the 2014 total.

New asset management funds totalled 83 last year, up slightly from the 80 logged for 2014.

Last month saw a total of 11 new registrations in insurance and reinsurance.