The total volume of insurance-linked listings on the Bermuda Stock Exchange (BSX) reached a new high in recent days, with catastrophe bonds, insurance-linked securities and insurance linked investment funds on the BSX now totaling $12.43 billion.
This is a new all-time high for the Bermuda Stock Exchange and demonstrates impressive growth considering the exchange only passed the $10 billion mark, for listed ILS and insurance linked vehicles, back in early April. In the space of just slightly more than six weeks the exchange has added over $2.4 billion to its ILS listing total, even though more than $1 billion of listed cat bond risk matured.
Helping the BSX reach this new milestone are a number of recent cat bond issues, including the record $1.5 billion sized Everglades Re 2014-1, which replaced the previously listed and now matured $750m Everglades Re 2013-1. The most recently completed and listed cat bond which helped to take the BSX’s ILS listings over the $12 billion mark for the first time was the $750m Sanders Re 2014-1.
Greg Wojciechowski, President and Chief Executive Officer of the BSX, told Artemis; “We are delighted the ILS platform that has been created in Bermuda with important input from local and international participants continues to deepen. The steady growth of ILS business in Bermuda is a testament to the comfort the market has in Bermuda’s ability to innovate, create and support important insurance solutions for its diverse international client base.”
The volume of insurance linked listings at the BSX has risen at an impressive rate over the last year or so. At the start of 2013 the BSX was host to $5.81 billion of insurance linked listings. That number grew to $7.06 billion in May 2013, then increasing to $8.4 billion by mid-October 2013, reaching $9.161 billion by the 19th December before finishing 2013 at $9.713 billion. Insurance linked listings rose again to $10.09 billion at the end of Q1 2014 and now stands at $12.428 billion.
Wojciechowski continued; “The emergence of the BSX as the centre of excellence for the listing of ILS vehicles is humbling and we look forward to working with the market to provide additional levels of stock exchange support. The BSX prides itself in listing not only Bermuda domiciled vehicles but also those from other countries, thus making the BSX an international stock exchange platform. We encourage international issuers to keep the BSX in mind for its listing needs.”
There is further growth ahead for the BSX’s insurance linked, ILS and catastrophe bond listings, with another $300m likely to list from Zenkyoren’s soon to complete Nakama Re 2014-1 cat bond and $200m more to add from Allstate’s second Sanders Re takedown, Sanders Re 2014-2.
That additional $500m will take the BSX’s insurance linked and ILS listings nearer to $13 billion in the next week.
Wojciechowski added; “Bermuda’s decades of experience gives it a unique perspective and skill set that allows anticipation of changes in the market and clients’ needs. As competition accelerates, the market can rest assured that Bermuda will continue to leverage its deep experience to support the changes in the industry and to further innovate and support our clients requirement as they develop.”
Here is a useful list of all the insurance and reinsurance-linked listings on the Bermuda Stock Exchange, broken down into catastrophe bonds and reinsurance-linked investment funds. The most recent transactions are listed first, along with links to more details on each transaction where available.
You can read about every catastrophe bond and ILS deal in the Artemis Deal Directory.
|Issuer||Cedent||Risks / Perils covered||Size|
|Sanders Re Ltd. (Series 2014-1)||Allstate||U.S. named storms (excluding Florida), U.S. earthquake (CA, NY, WA)||$750m|
|Armor Re Ltd. (Series 2014-1)||American Coastal Insurance Company||U.S. named storms (Florida only initially)||$200m|
|Everglades Re Ltd. (Series 2014-1)||Citizens Property Insurance||Florida hurricanes||$1,500m|
|Citrus Re Ltd. (Series 2014-2)||Heritage Property and Casualty Insurance Co.||U.S. earthquake (New Madrid region)||$50m|
|Kilimanjaro Re Ltd. (Series 2014-1)||Everest Reinsurance Company||U.S. named storms, U.S. earthquakes||$450m|
|Lion I Re Ltd.||Assicurazioni Generali S.p.A.||European windstorm||$262m|
|Citrus Re Ltd. (Series 2014-1)||Heritage Property and Casualty Insurance Co.||U.S. named storms (Florida only initially)||$150m|
|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|
|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|
|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|
Total catastrophe bonds and insurance-linked securities: $11.914 billion
|Blue Capital Global Reinsurance Fund Limited||$186m|
|CATCo Reinsurance Opportunities Fund – Ordinary Shares||$328m|
Total reinsurance-linked investment fund share classes (approximate): $514m
Total insurance-linked listings on the BSX currently: $12.428 billion
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