Bermuda Stock Exchange listings of cat bonds & ILS hits $12.43 billion

by Artemis on May 27, 2014

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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