The Cayman Islands Stock Exchange really is the dominant domicile of choice for catastrophe bond listings at the moment. Bermuda is trying to attract new listings with it’s new regulations which make listing easier than before, but with just over $1B of listed cat bonds (as we wrote about recently) it has a way to go to catch up.
The Cayman Islands now has over $7.7B worth of catastrophe bonds listed on its stock exchange (full story on HedgeWeek). That equates to 74 series of bonds all listed since April 2007 . The legal and regulatory environment in the Cayman Islands is very attractive to cat bond sponsors, it will be interesting to see if Bermuda can continue to eat into their lead or whether other domiciles could see an opportunity to offer further alternative locations for insurance linked securities.
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