Following an impressive 2014 the Bermuda Stock Exchange (BSX) has passed yet another milestone, revealing that a significant $17.462 billion catastrophe bonds, ILS, sidecars and reinsurance investment funds are now listed on the Exchange.
The growth of insurance-linked listings on the BSX has been impressive over the years, and the almost $17.5 billion of listings reflect the growing acceptance of insurance-linked securities (ILS) structures, including catastrophe bonds, investment funds, sidecars and collateralized reinsurance.
Artemis has tracked the development and growth of the ILS and cat bond listings at the BSX since it first surpassed the $1 billion mark, roughly five years ago. By the end of Q1 2014 BSX ILS and cat bond listings had moved beyond the $10 billion milestone for the first time, and had added roughly $7.4 billion of listings in the prior 15 months alone.
The strong growth of ILS listing on the BSX continued apace. As of 31st December 2014 the total listings at the exchange amounted to $15.912 billion, and despite a large volume of deals maturing during the first two quarters of 2015, strong cat bond issuance during Q2 has now helped the BSX surpass the $17 billion mark.
President and Chief Executive Officer (CEO) at the BSX, Greg Wojciechowski commented; “ILS is an exciting, developing asset class with a solid future ahead. The BSX is delighted to have been able to work with and support a group of dedicated professionals locally and abroad in furthering the development of this asset class. We are honoured by the support the global ILS industry has shown the BSX which is a direct driver of the results reported.”
With fewer deals scheduled to mature for the remainder of this year, but investor and sponsor appetite looking set to continue the trend witnessed in the first-half of 2015, we expect this figure to grow further, perhaps nearing, or even exceeding the $20 billion landmark.
Of the $17.462 billion of insurance and reinsurance linked listings at the BSX at the end of June 2015, roughly $16.562 billion came from catastrophe bonds, highlighting the supremacy the exchange has within the catastrophe bond space.
To put that figure into context, Artemis currently sees the outstanding catastrophe bond and life related ILS market as $24.681 billion in size. With the BSX having $16.562 billion of cat bonds now listed on the Exchange, it now accounts for a huge 67% of the outstanding market.
A further $535 million comes from two insurance-linked funds listed on the exchange. One of which is managed by Blue Capital Management and equates to $213 million, with the other $322 million being contributed by CATCo, through its Reinsurance Opportunities Fund.
The remaining $365 million comes from the exchange’s listed collateralized reinsurance sidecar notes, all of which are currently sponsored by reinsurance giant Munich Re. The transactions issued under the reinsurer’s sidecar series Eden Re I and Eden Re II, consist of three tranches of notes, and have shrunk by $63 million from the end of 2014.
Since the beginning of 2015 the BSX has continued its impressive growth rate of ILS, catastrophe bonds and reinsurance-linked listings, with the number of individual securities listed on the exchange now totalling 138. This represents a 14.5% increase in the number of listed insurance-linked securities in the last six-months alone, and a volume increase of 8.9%, or $1.55 billion.
Commenting on the outlook for the BSX, Wojciechowski said; “The BSX looks forward to its continued work with this industry segment to help further develop the ILS asset class and to fortify Bermuda’s position as the centre of excellence for the creation, support and listing of ILS vehicles.”
Below is a useful list of the entire $17.462 billion of the insurance and reinsurance-linked listings on the Bermuda Stock Exchange, broken down into reinsurance-linked investment funds, reinsurance sidecars and catastrophe bonds.
You can read about every catastrophe bond and ILS transaction in the Artemis Deal Directory.
| Issuer | Cedent | Risks / Perils covered | Size | |
|---|---|---|---|---|
 |
Hotaru | Unknown | ? | $47.6m |
|
Kane SAC Limited – Tralee | Unknown | ? | $17.6m |
|
Dodeka VII | Unknown | U.S. property catastrophe risks | $18.899m |
|
Panda Re Ltd. (Series 2015-1) | China Property and Casualty Reinsurance Company (China Re) | China earthquake | $50m |
|
Azzurro Re I Limited | UnipolSai Assicurazioni S.p.A. | European earthquake (covers portfolio in Italy) | $223.176m |
|
Dodeka VI | Unknown | U.S. property catastrophe risks | $19.078m |
|
Compass Re II Ltd. (Series 2015-1) | AIG | U.S. wind | $300m |
|
Dodeka V | Unknown | U.S. property catastrophe risks | $18.88m |
|
Alamo Re Ltd. (Series 2015-1) | Hannover Rück SE, on behalf of reinsured Texas Windstorm Insurance Association (TWIA) | Texas named storms | $700m |
|
Everglades Re II Ltd. (Series 2015-1) | Citizens Property Insurance | Florida named storms | $300m |
|
Cranberry Re Ltd. (Series 2015-1) | Massachusetts Property Insurance Underwriting Association / Hannover Ruck SE | Massachusetts named storm, severe thunderstorm & winter storm | $300m |
|
LI Re (Series 2015-1) | Unknown | Property catastrophe risks | $3.75m |
|
Pelican III Re Ltd. (Series 2015-1) | Louisiana Citizens | Louisiana named storm | $100m |
|
Citrus Re Ltd. (Series 2015-1) | Heritage Property and Casualty Insurance Co. | U.S. named storms (Florida only initially) | $277.5m |
|
Merna Re Ltd. (Series 2015-1) | State Farm | U.S. earthquake (New Madrid region) | $300m |
|
Queen Street X Re Limited (2015) | Munich Re | U.S. hurricane, Australia cyclone | $100m |
|
Manatee Re Ltd. (Series 2015-1) | Safepoint Insurance Company | U.S. named storm (Florida initially) | $100m |
|
Kizuna Re II Ltd. (Series 2015-1) | Tokio Marine & Nichido Fire Insurance Co. Ltd. | Japan earthquake | $290m |
|
Kane SAC Limited (Series 2015-1) | Unknown | ? | $50.2m |
|
Galileo Re Ltd. (Series 2015-1) | Catlin | U.S. named storms, U.S. earthquake, Canada earthquake, European windstorm | $300m |
|
Dodeka I – 2015 | Unknown | U.S. property catastrophe risks | $20.605m |
|
Kane SAC Limited – Exeter | Unknown | U.S. property catastrophe risks | $54.81m |
|
Kane SAC Limited – Hereford | Unknown | U.S. property catastrophe risks | $16.82m |
|
Kane SAC Limited – Muirfield | Unknown | U.S. property catastrophe risks | $26.82m |
|
Kane SAC Limited – Troon | Unknown | U.S. property catastrophe risks | $27.53m |
|
LI Re (Series 2014-2) | Unknown | Property catastrophe risks | $5m |
|
Leine Re | Unknown | Property catastrophe risks | $71m |
|
Tramline Re II Ltd. (Series 2014-1) | Amlin | U.S. named storm, U.S. earthquake, European windstorm | $200m |
|
Nakama Re Ltd. (Series 2014-2) | Zenkyoren | Japan earthquake | $375m |
|
Tradewynd Re Ltd. (Series 2014-1) | AIG | U.S., Canada, Mexico, Caribbean, Gulf of Mexico, D.C. named storms. U.S., Canada, Mexico, Caribbean, D.C. earthquakes | $500m |
|
Ursa Re Ltd. (Series 2014-1) | California Earthquake Authority | California earthquake | $400m |
|
Kilimanjaro Re Ltd. (Series 2014-2) | Everest Re | U.S and Canada earthquake | $500m |
|
LI Re (Series 2014-1) | Unknown | Property catastrophe risks | $10m |
|
Golden State Re II Ltd. (Series 2014-1) | California State Compensation Insurance Fund | Workers compensation claims resulting from California earthquakes | $250m |
|
Hoplon II Insurance Ltd. | MyLotto24 | Lottery winning risk | $66m |
|
Dodeka III | Unknown | U.S. multi-peril | $10m |
|
Kane SAC Limited (Series 2014-2) | Unknown | U.S. hurricane | $7.32m |
|
Alamo Re Ltd. (Series 2014-1) | Hannover Rück SE, on behalf of reinsured Texas Windstorm Insurance Association (TWIA) | Texas named storms | $400m |
|
Aozora Re Ltd. (Series 2014-1) | Sompo Japan and Nipponkoa Insurance Company | Japan typhoon | $100m |
|
Nakama Re Ltd. (Series 2014-1) | Zenkyoren | Japan earthquake | $300m |
|
Sanders Re Ltd. (Series 2014-2) | Allstate | Florida named storms, earthquakes, severe thunderstorms | $200m |
|
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 |
|
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 |
|
Kane SAC Series 2014-1 | Unknown | Private catastrophe bond notes | $50m |
|
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 | $300m |
|
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 |
|
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 |
|
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 IV Capital Ltd. | Munich Re | U.S hurricane, European windstorm | $100m |
Total catastrophe bonds and insurance-linked securities: $16.562 billion
|
Blue Capital Global Reinsurance Fund Limited | $213m |
|
CATCo Reinsurance Opportunities Fund – Ordinary Shares | $322m |
Total reinsurance-linked investment fund share classes (approximate): $535m
|
Eden Re I Ltd. Series 2015-1 | Munich Re | Collateralized reinsurance sidecar notes | $75m |
|
Eden Re II Ltd. Series 2015-1 | Munich Re | Collateralized reinsurance sidecar notes | $290m |
Total reinsurance sidecar notes: $365m
Total insurance-linked listings on the BSX currently: $17.462 billion
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