Catastrophe bond quotations on the Bermuda Stock Exchange (BSX) rise 7% on strong issuance in the first half of the year

The Bermuda Stock Exchange (BSX) maintained its dominant position in providing a venue for the listing of catastrophe bonds and insurance-linked securities (ILS) during the first half of 2024, with the total value of all ILS securities listed on the exchange increasing further to $59.74 billion at the end of the period.

While catastrophe bond issuance reached a record pace in the first half of 2024, as explained in our latest quarterly market report, there were also important maturities to manage.

For the Bermuda Stock Exchange (BSX), this meant a lot of activity for its staff during the period, delisting maturing catastrophe bonds and programs, while listing new ones.

Driven by record levels of catastrophe bond issuance activity seen during the first half of 2024, property catastrophe bond quotations on the Bermuda Stock Exchange increased by nearly 7% in US dollar terms during the period.

Across the broader catastrophe bond and ILS market, including other terrorism-related risks, financial guarantees, as well as some other listed structures, the BSX saw its quotes increase by 6%, in dollar terms.

As of end-June 2024, BSX property catastrophe bond listings had reached nearly $42.7 billion, while its listings including certain other risks and ILS structures stood at $43.4 billion.

In a catastrophe bond market that Artemis currently values ​​at $47.6 billion, including private catastrophe bonds that the BSX also factors into its figures, this means that around 90% or slightly more of the global catastrophe bond market's issuance is listed on the Bermuda Stock Exchange (BSX).

In terms of the number of securities listed on the BSX, ILS listings, including programs, have decreased from a total of 849 at the end of 2023 to 815 at the end of June 2024.

But that decline was only in mortgage-linked bonds, a subset of the ILS market that has shrunk over the past year as a number of issuers bought up older deals.

Cat bond ratings rose from 302 to 306 after the first half, while, perhaps more importantly, cat bond program ratings rose slightly faster, from 108 to 116 during this period.

This gradual growth in catastrophe bond program structures is an important indicator of the future potential of the BSX to continue to expand its listings in the ILS space.

In total, the BSX has accrued catastrophe bonds and other insurance-linked securities (ILS) of $59.74 billion at end-June 2024, up from $59.15 billion at end-December 2023.

The overall growth figure was impacted by mortgage insurance-linked note redemptions, but the most important signs of a healthy catastrophe bond and ILS market are the approximately 7% growth in catastrophe bond listings and the continuing increase in the number of catastrophe bond programme issuers hosted on the Bermuda Stock Exchange (BSX).

For the BSX, its continued success in the catastrophe bond and insurance-linked securities (ILS) space is a testament to the level of service it provides to sponsors, issuers and other market participants, which has helped it continue to dominate the ILS sector as a listing venue.

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

Find information on many reinsurance sidecars with BSX-listed ratings in our Guaranteed Reinsurance Sidecar Directory.

Find details on each issue of notes linked to mortgage insurance here.

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