Bermuda Stock Exchange (BSX) catastrophe bond listings grow 5% to $47.53bn in Q1
Listings of catastrophe bond notes on the Bermuda Stock Exchange (BSX) rose by almost 5% in notional limit terms over the first-quarter of 2025, to end the period at a new high of $47.53 billion.
Overall insurance-linked securities (ILS) listings on the Bermuda Stock Exchange (BSX), which includes catastrophe bond programs and notes, any preference or other share types from quota share structures such as reinsurance sidecars, listed fund units, and mortgage insurance-linked securities (ILS), also reached a new high of $56.55 billion.
There have been continued early maturities of mortgage ILS notes in recent months and at the same time that market has not seen any issuance since September 2024, but for the BSX the growth of the catastrophe bond market has been driving its overall ILS listings higher.
As a result, the BSX’s listings of catastrophe bonds, across both cat and non-cat risks, have closely tracked the growth of the outstanding market which also stood at 5% for Q1 2025, as we detailed in our latest cat bond market report.
Within the catastrophe bond segment, the BSX has seen growth in both listings of property catastrophe bonds as well as in non-cat cat bonds as well.
For the catastrophe bond sector, the BSX has maintained its leading position as a location to list ILS notes, thanks to the efficiency of its listings service offering and its strong engagement with the ILS market over many years.
Bermuda remains the pre-eminent domicile for locating and transacting any insurance-linked security (ILS) instruments, with the majority of the global market basing structures there for catastrophe bonds and the full-range of collateralized reinsurance arrangements.
As a result, the BSX continues to expand its listings in-line with the growth being seen in the cat bond and ILS marketplace.
Which means the BSX’s listings of catastrophe bonds are more than keeping pace with the large amount of maturities seen in the space, and so are tracking the growth of the outstanding cat bond market.
A further reflection of the health of the BSX’s cat bond listing activities, is the fact two entirely new cat bond programs were added in Q1 2025, taking the total to 116 cat bond programs listing their notes on the Exchange.
Find details of most catastrophe bonds listed on the BSX in our 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.
