$5.81 billion of ILS listed on Bermuda Stock Exchange at end of 2012

by Artemis on January 10, 2013

The Bermuda Stock Exchange (BSX) has grown the volume of insurance-linked listings on the exchange by more than a billion dollars over the last six months of 2012. When we last listed out the catastrophe bonds, insurance-linked securities and reinsurance-linked investment funds listed on the BSX in July the total was $4.688 billion. By the end of 2012 that total had jumped to $5.812 billion thanks to a number of new insurance-linked listings in December.

The BSX has been steadily growing the volume of cat bonds and insurance-linked listings that the exchange hosts over the last few years. In December the total was bumped up by listings including the $100m Blue Capital Global Reinsurance Fund, the $270m Lakeside Re III and the $400m Compass Re cat bonds which helped it pass the $5.8 billion ILS listings mark.

Total market capitalisation of the BSX (excluding fund listings), which lists many more categories than just ILS, was over $421 billion at the end of 2012. Over the course of the year the BSX saw a trading volume of $38m  or 12.7m shares, up from $25.3m in 2010.

Commenting on the BSX’s successful 2012, Chief Compliance Officer, Mr. James McKirdy said; “Year on year listings increased by 20 securities despite the continued difficult global economic conditions. More impressively new listings totaled 56 securities. There was continued growth in the listings of Insurance Linked Securities and International Equities, while listing of Collective Investment Vehicles held steady through the year.”

BSX President and Chief Executive Officer Greg Wojciechowski commented; “The BSX ended the year on an extremely positive note. Two important developments were the continued growth in our insurance linked securities listing business and the work that we have accomplished in supporting international Small and Medium Enterprises (SME). The BSX ended the year with a record number of ILS listed issues assisting Bermuda to firmly establish itself as a centre of excellence for the creation, listing and servicing of the ILS asset class.”

We asked Mr. Wojciechowski where he saw Bermuda at the end of 2013, he responded; “Tremendous work has taken place over the last several years to make Bermuda the centre of excellence for the creation, listing and support of ILS vehicles.  Bermuda is the logical location for the support of this exciting and growing asset class and the convergence of the insurance industry and capital markets given its decades of experience in supporting the global reinsurance industry. I expect the growth we’ve experienced in listed ILS vehicles to continue through 2013 and beyond.”

Here’s a list of all the insurance-linked listings on the BSX, broken down into cat bonds and reinsurance-linked investment funds.

ILS and catastrophe bonds currently listed on the Bermuda Stock Exchange

Issuer Cedent Risks / Perils covered Size
Compass Re Ltd. (Series 2012-1) National Union Fire Insurance Co. of Pittsburgh U.S. hurricane, U.S. earthquake $400m
Lakeside Re III Ltd. Zurich American Insurance & Zurich Insurance Co. Ltd. U.S. and Canadian earthquake $270m
Queen Street VII Re Ltd. Munich Re U.S. hurricane, European windstorm $75m
Eurus III Ltd. Hannover Re European windstorm €100m
Embarcadero Re Ltd. (Series 2012-2) California Earthquake Authority California earthquake $300m
Queen Street VI Re Ltd. Munich Re U.S. hurricane, European windstorm $100m
Everglades Re Ltd. (Series 2012-1) Citizens Property Insurance Florida hurricanes $750m
Blue Danube Ltd. (Series 2012-1) Allianz Argos 14 GmbH U.S. hurricane, U.S. earthquake, Canada earthquake, Caribbean hurricane, Mexico hurricane $240m
Queen Street V Re Ltd. Munich Re U.S. hurricane, European windstorm $75m
Embarcadero Re Ltd. (Series 2012-1) California Earthquake Authority California earthquake $150m
Tramline Re Ltd. (Series 2011-1) Amlin AG U.S. hurricane, U.S. earthquake, European windstorm $150m
Golden State Re Ltd. (Series 2011-1) California State Compensation Insurance Fund Workers compensation claims resulting from California earthquakes $200m
Compass Re Ltd. (Series 2011-1) National Union Fire Insurance Co. of Pittsburgh U.S. hurricane, U.S. earthquake $575m
Queen Street IV Capital Ltd. Munich Re U.S hurricane, European windstorm $100m
Embarcadero Re Ltd. (Series 2011-1) California Earthquake Authority California earthquake $150m
Queen Street III Capital Ltd. Munich Re European windstorm $150m
Queen Street II Capital Ltd. Munich Re U.S. hurricane, European windstorm $100m
Montana Re Ltd. (Series 2010-1) Flagstone Re U.S. hurricane, U.S. earthquake, European windstorm, Japan typhoon, Japan earthquake $210m
Lodestone Re Ltd. (Series 2010-2) Chartis U.S. hurricane, U.S. earthquake $450m
Lodestone Re Ltd. (Series 2010-1) Chartis U.S. hurricane, U.S. earthquake $425m
Merna Reinsurance II Ltd. State Farm U.S. earthquake $350m

Total catastrophe bonds and insurance-linked securities: $5.35 billion

Blue Capital Global Reinsurance Fund Limited $100m
CATCo Reinsurance Opportunities Fund – Ordinary Shares $362m

Total reinsurance-linked investment fund share classes: $462m

Total insurance-linked listings on the BSX currently: $5.812 billion

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