BSX passes $10 billion of listed cat bonds & ILS for first time

by Artemis on April 8, 2014

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.

Here is a useful list of all the insurance and reinsurance-linked listings on the BSX, broken down into catastrophe bonds and reinsurance-linked investment funds, with the most recent transactions first, including links to more details on the transaction where available. You can read about every catastrophe bond and ILS deal in the Artemis Deal Directory.

Issuer Cedent Risks / Perils covered Size
Merna Re V Ltd. State Farm U.S. earthquake (New Madrid region) $300m
Riverfront Re Ltd. Great American Insurance Group U.S. and Canada named storms, earthquakes, severe thunderstorms and winter storms $95m
Kizuna Re II Ltd. Tokio Marine & Nichido Fire Japan earthquake $245m
Gator Re Ltd. American Strategic Insurance Group U.S. named storms and severe thunderstorm $200m
Dodeka II Twelve Capital U.S. wind and earthquake risks $25m
Queen Street IX Re Ltd. Munich Re U.S. hurricane, Australia cyclone $100m
Omamori Tokio Millennium Re U.S. earthquakes and named storms (2nd event) $25m
Dodeka I Twelve Capital U.S. multi peril $22m
Kane SAC Series 2014-1 ? Private catastrophe bond notes $50m
Eden Re Ltd. Munich Re Collateralized reinsurance sidecar notes $63m
Windmill I Re Ltd. (Series 2013-1) Achmea Reinsurance Company N.V. Dutch windstorm $55m
Queen City Re Ltd. (Series 2013-1) American Modern Insurance Group, Inc. U.S. named storms $75m
VenTerra Re Ltd. (Series 2013-1) QBE Insurance Group Ltd. subsidiaries U.S. earthquake, Australia cyclone, Australia earthquake $250m
Loma Reinsurance (Bermuda) Ltd. (Series 2013-1) Argo Group Tropical cyclones, U.S earthquake, U.S. severe thunderstorm $172m
Tradewynd Re Ltd. (Series 2013-2) AIG U.S., Caribbean, Gulf of Mexico named storms. U.S., Canada earthquake $400m
Galileo Re Ltd. (Series 2013-1) Catlin U.S. named storms, U.S. earthquake, Canada earthquake, European windstorm $300m
Nakama Re Ltd. (Series 2013-1) Zenkyoren Japan earthquake $300m
Kane SAC Ltd – Series 1-2013 Texas Windstorm Insurance Association (TWIA) U.S. North American (Texas) wind $10m
Northshore Re Limited (Series 2013-1) AXIS Capital Holdings Ltd. subsidiaries U.S. hurricane, U.S. earthquake $200m
MetroCat Re Ltd. (Series 2013-1) First Mutual Transportation Assurance Co. Storm surge (named storm induced) $200m
Tradewynd Re Ltd. (Series 2013-1) AIG U.S., Caribbean, Gulf of Mexico named storms. U.S., D.C., Canada earthquake $125m
Mona Lisa Re Ltd. (Series 2013-2) Renaissance Re and DaVinci Re U.S. and Puerto Rico named storms. U.S. earthquakes $150m
Tramline Re II Ltd. (Series 2013-1) Amlin AG U.S earthquake, Canada earthquake $75m
Queen Street VIII Re Ltd. Munich Re U.S. hurricane, Australia cyclone $75m
Blue Danube II Ltd. (Series 2013-1) Allianz Argos 14 GmbH U.S., Caribbean, Central American, Mexican hurricane. U.S., Canadian earthquake $175m
Armor Re Ltd. (Series 2013-1) American Coastal Insurance Company Florida hurricanes $183m
Sanders Re Ltd. (Series 2013-1) Allstate U.S. hurricane, U.S. earthquake $350m
Bosphorus 1 Re Ltd. Turkish Catastrophe Insurance Pool Turkey earthquake $400m
Tar Heel Re Ltd. (Series 2013-1) North Carolina JUA / IUA North Carolina hurricane $500m
Merna Re IV Ltd. (Series 2013-1) State Farm U.S. earthquake (New Madrid region) $300m
Everglades Re Ltd. (Series 2013-1) Citizens Property Insurance Florida hurricanes $250m
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 $130m
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

Total catastrophe bonds and insurance-linked securities: $9.583 billion

Blue Capital Global Reinsurance Fund Limited $179m
CATCo Reinsurance Opportunities Fund – Ordinary Shares $328m

Total reinsurance-linked investment fund share classes (approximate): $507m

Total insurance-linked listings on the BSX currently: $10.09 billion

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