The Bermuda Monetary Authority said declining insurance rates have slowed formation of new insurance and reinsurance firms, with 71 new insurers set up on the island last year, down from 82 in 2006.
Even with a fewer number of start-ups, the financial services regulator said Bermuda's insurers saw strong performance and an upward trend in underwriting results last year–reporting total assets of $440.4 billion and gross premiums of $115.8 billion.
The asset figure grew 33 percent over 2006 combined assets of $329.9 billion, while premiums jumped nearly 15 percent from $100.7 written in 2006.
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