BSX Passes $10B Of Listed Cat Bonds & ILS
Artemis, a news, analysis and data media service, released an online article on 08 April, 2014, commenting on the Bermuda Stock Exchange [BSX] and the Insurance Linked Securities market.
Artemis said, “The Bermuda Stock Exchange (BSX) reached a milestone at the end of the first-quarter, with the total volume of insurance-linked listings of catastrophe bonds, ILS and insurance linked investment funds on the exchange reaching $10.09 billion.
“It is the first time that the BSX’s listing of ILS and insurance linked funds has passed the $10 billion mark, having risen from the $9.713 billion of insurance linked listings it ended 2013 with. It is impressive that the exchange has achieved further growth of its listings despite a high level of catastrophe bond maturities in the first three months of this year.
“A number of the most recent catastrophe bonds to be completed have listed on the BSX in the last few weeks, including Gator Re Ltd., Kizuna Re II Ltd., Riverfront Re Ltd. (Series 2014-1) and Merna Re V Ltd., which all helped it to outpace the rate of maturing bonds and continue to grow its listings.
“The rate of acquiring new listings at the BSX has been impressive. It has grown its insurance and reinsurance linked listings from $5.81 billion of listings at the start of 2013, increasing that to $7.06 billion in May 2013, rising again to $8.4 billion by mid-October, then reaching $9.161 billion by the 19th December before finishing 2013 at $9.713 billion and now rising again to $10.09 billion at the end of Q1 2014.”
Commenting on the healthy start to 2014 at the BSX, President and Chief Executive Officer Greg Wojciechowski stated; “We’re delighted to have reached another important milestone in terms of the number of ILS listings on the BSX so quickly in 2014. The rapid growth of ILS listings in Bermuda is testament to the hard work of so many in creating such a strong platform for ILS issuance and servicing on the island.”
The number of insurance linked listings on the BSX has grown from 77 at the end of 2013 to 83 at the end of Q1 2014. New catastrophe bond securities listing on the BSX in 2014 have so far added $1.123 billion to the total.
Mr. Wojciechowski added; “The BSX now plays host to almost half of the outstanding market for catastrophe bonds and we look forward to growing our share of the market as we strive to provide the best facilities and support for issuers in this growing market.”
With three-quarters of 2014 left to run the Bermuda Stock Exchange will likely increase its total volume of insurance and reinsurance linked listed issuers, securities and funds as the year progresses. It will be interesting to see where the number can get to by year-end.
Total insurance-linked listings on the BSX currently: $10.09 billion.”
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