Bermuda Stock Exchange cat bond and ILS listings soar in Q1, growing its market share

Listings of catastrophe bonds and other insurance-linked securities (ILS) soared in the first-quarter of 2026 for the Bermuda Stock Exchange (BSX) and it further grew its market share, as total cat bond and ILS listings on the BSX reached over $68.5 billion.

The Bermuda Stock Exchange (BSX) continues to cement its position as the dominant venue for listings of catastrophe bonds and other ILS structures.

Through 2025 the BSX expanded its market share as its cat bond and ILS listings reached $65.2 billion, with just over 93% of the cat bond market listed there as of December 31st.

With the cat bond market having another busy start to the year in 2026, as we detailed in our recent quarterly market report, the BSX has continued to benefit as sponsors and arrangers continued to select it as the stock exchange of choice for the asset class.

During the first-quarter of 2026, the BSX welcomed 70 new cat bond and ILS related listings, recording volumes of over $6.63 billion of newly listed notes and structures.

Almost $6.3 billion of that was newly listed cat bond notes and programs, a very significant proportion of total market issuance.

The total number of ILS related listings on the BSX reached 777 by the end of Q1 2026, with catastrophe bond linked ILS listings contributing 557 of the total.

BSX listed ILS securities and programs providing catastrophic insurance or reinsurance protection had a total value of $60.2 billion as of the end of Q1 2026, up from $57.2 billion at the end of 2025.

Total cat bond related listings, so including non-cat risk exposed issuances and counting preference shares as well, reached almost $60.9 billion by March 31st 2026.

In addition, the BSX was also the listings home to a further almost $7.7 billion of mortgage insurance-linked securities as well, as of the end of Q1 this year.

As a proportion of the marketplace of 144A and private catastrophe bonds, that $60.9 billion of BSX listed catastrophe and non-cat ILS accounted for approximately 95% of the market at the end of Q1 2026.

That’s up from just over 93% of the outstanding cat bond and related ILS market as of the end of 2025. Demonstrating that the Bermuda Stock Exchange (BSX) is not just the dominant listing venue, but is actually continuing to grow its share of the market as well.

Find details of most catastrophe bonds listed on the BSX in our Artemis Deal Directory.

Find information on many of the reinsurance sidecars that have their notes listed on the BSX in our collateralized reinsurance sidecar directory.

Find details on every mortgage insurance-linked notes issuance here.