The Bermuda Monetary Authority (BMA) reported on 14 April 2008 that the Bermuda insurance market continues to maintain a strong performance, against a backdrop of a soft global market. Although the total of new insurance and reinsurance companies established in the Bermuda market during 2007 has dropped to 71 from 82 in 2006, this drop, according to the BMA, reflected the generally softer market conditions globally. Latest available figures for the year ending 31 December 2006 show that Bermuda’s insurers had aggregate total assets of $440.4 billion which represented a 33% increase over the $329.9 billion achieved the previous year. Gross premiums written in 2006 also increased by 15% to $115.8 billion from $100.7 billion written in 2005. Captives accounted for $72 billion in total assets and almost $22 billion in gross premiums written. The BMA remains committed to enhancing its operational capability and maintaining Bermuda’s balance between effective regulation and ongoing business development. For further information, see http://www.bma.bm/uploaded/22-News-BMA_Press_Release_Bermuda_Insurance_Market_Statistics_-_April_14_2008.pdf.