Bermuda officials said reinsurers and primary insurers incorporating there last year totaled 82--a three-year high for the island.

This was an almost 10 percent increase in the number of new companies incorporated in the jurisdiction over 2005, the Bermuda Monetary Authority reported.

A majority of the new companies were large, highly capitalized reinsurers, BMA said, adding that captive insurance companies also formed a significant proportion of the new incorporations.

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