The Bermuda Stock Exchange (BSX) further strengthened its position as the dominant venue for listings of catastrophe bonds and other insurance-linked securities in 2025, growing its share of the market in the process to end the year with a stunning $65.2 billion of insurance-linked listings on the exchange.
Overall listings of insurance-linked securities (ILS) on the Bermuda Stock Exchange (BSX) span security instruments including catastrophe bond programs and notes, preference or other shares from quota share structures such as reinsurance sidecars, and mortgage insurance-linked securities (ILS).
The total dollar value of ILS related listings on the BSX grew by 16.4% in 2025, from just under $56 billion at the end of 2024 to the new high of slightly under $65.2 billion as of December 31st.
Impressively, over the course of 2025, the BSX welcomed 209 new cat bond and ILS listings to the exchange, a particularly meaningful 34% increase from 156 new ILS listings in 2024.
The total number of ILS related listings on the BSX reached 746 by the end of the year, with catastrophe exposed ILS listings up nearly 16% at 520 of the total.
BSX listed ILS securities and programs providing catastrophe reinsurance had a total value of $57.18 billion as of the end of 2025.
That figure rose by an impressive almost 26% during the course of the year, from $45.43 billion at the end of 2024.
As a proportion of the marketplace, of 144A and private catastrophe bonds, that $57.18 billion of BSX listed catastrophe ILS accounts for approximately 93.2% of the market, up from 91.8% as of the end of 2024.
Not only has the BSX consistently grown the volume of cat bond and ILS listings on the exchange, at times moving faster than the market has been growing, but it has consistently also grown its share of the catastrophe ILS risk capital outstanding as well.
“The strong level of ILS issuance in 2025 and associated listing activity on BSX reconfirms our global standing as the listing venue of choice for ILS issuers,” Greg Wojciechowski, President and CEO of BSX told Artemis.
Adding that, “The trust placed in BSX by catastrophe bond and ILS issuers underscores the importance of our broad range of global regulatory recognitions and Bermuda’s well-regarded regulatory environment.”
The BSX’s listings of catastrophe bonds continue to more than keep pace with the large amount of maturities seen in the space, and so track closely the growth of the outstanding cat bond market.
Underlining the health of the BSX’s cat bond listing activities, is the fact thirteen entirely new cat bond programs were added in 2025, taking the total to 125 cat bond programs that list their notes on the Exchange.
As we all know, new cat bond programs typically turn into repeat issuers of cat bond notes and can also often reflect new sponsors entering the market.
So the latest data from the BSX also reflects the health of the catastrophe bond and insurance-linked securities marketplace and its potential for continuing growth and expansion.
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.
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