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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