Bermuda Stock Exchange (BSX) ILS listings near $60bn after strong 2023

Catastrophe bonds and insurance-linked securities (ILS) newly listed on the Bermuda Stock Exchange (BSX) in 2023 soared by 195, taking the total value of all ILS securities listed on the exchange to a new high of $59.15 billion.

As a result, the Bermuda Stock Exchange’s (BSX) ILS and cat bond listings are now nearing a new high of $60 billion in listed value, while the BSX ended the year as host to some 91% of the listed property catastrophe bond marketplace.

The continued growth is testament to the BSX’s success in making the listing of cat bond and ILS securities on the Exchange an efficient and simple process for sponsors and issuers.

As a result, the Bermuda Stock Exchange (BSX) continues to be the leading global venue for listings of insurance-linked securities (ILS), catastrophe bonds and other reinsurance linked securities.

Overall, the BSX grew its listings across all categories of securities by 5.2% over the course of 2023, with total listings at year-end reaching a record 1,407.

“In 2023, BSX set in motion our strategic plan for future growth, making significant investments in technology and staffing initiatives,” Greg Wojciechowski, President and CEO of BSX explained. “Integral to our growth was a renewed focus on business development outreach, which resulted in a record number of listings on BSX.

“We also added three new Listing Sponsors, providing us with further opportunities to collaborate with local and global law firms to expand our international listings services.”

In ILS and catastrophe bonds, the BSX added an impressive 195 new ILS securities listings in 2023, up from the 142 new listings that were added in 2022.

The strong activity levels in the ILS market in 2023 took the BSX’s total up by a strong 10% in the year, to a record 849 listed ILS securities, up from 773 at year-end 2022.

You can see the upward trend in ILS listings at the BSX in the chart below:

Because of this, the overall nominal value of ILS-listed securities on the BSX rose to $59.15 billion at year-end 2023, representing strong growth from the end of 2022 figure of $52.03 billion.

Impressively, of the total ILS listings on the BSX, 425 were securities providing catastrophic peril reinsurance coverage, so largely catastrophe bonds.

With global cat bond issuance outstanding of around $45 billion at the end of last year, BSX-listed ILS providing catastrophic peril reinsurance coverage had an outstanding value of $40.8 billion, thus representing 91% of global issuance.

The BSX’s efforts to attract securities and the service level it provides to sponsors, issuers and other market participants, have helped it it continue to dominate the ILS sector as a listing venue.

Find details of most catastrophe bonds listed on the BSX in the Artemis Deal Directory.

Find information on many of the reinsurance sidecars that have their notes listed on the BSX in our collateralized reinsurance sidecar directory.

Find details on every mortgage insurance-linked notes issuance here.