Bermuda Stock Exchange market share grows, with now $70.5bn cat bond and ILS listings

The Bermuda Stock Exchange (BSX) continued to grow its market share of catastrophe bonds and other insurance-linked securities (ILS) in the second-quarter of 2026, ending the period with a record-high $70.5 billion of ILS related listings on the exchange.

It represents continued growth in the total dollar value of insurance-linked securities related listings on the Bermuda Stock Exchange (BSX).

While the BSX also expanded its market share slightly in the second quarter as well, cementing its key role as a venue for listing catastrophe bond and ILS securities.

After the first-quarter of 2026, cat bond and ILS related listings on the BSX had reached over $68.5 billion.

Thanks to a record second-quarter of catastrophe bond issuance and a number of new private cat bond and ILS deals also being listed on the BSX, the exchange grew the total value of ILS securities listed to the new high of $70.5 billion as of June 30th 2026.

In just the first-half of 2026, the BSX has now listed an impressive 146 ILS related securities and program structures, with a total value of almost $16.5 billion.

Of those new listings in 2026, $16.12 billion were related to catastrophe bond notes and programs, the remainder down to the single mortgage ILS issuance that has been issued this year.

By June 30th, the BSX was the listings home to some 775 cat bond and related ILS listings, which amount to the $70.5 billion.

565 of those are related to catastrophe bonds, 562 of which cover catastrophic perils and 3 terrorism and financial guarantee risks. 202 listings from mortgage ILS deals and some cat bond preference shares make up the remainder.

The BSX’s catastrophe bond related listings, as of the mid-year 2026, amounted to a total value of $62.6 billion, rising from almost $60.9 billion as of March 31st.

Comparing this to our mid-year cat bond market outstanding record high of $65.6 billion, it means the BSX accounted for 95.4% of the marketplace of 144A and private catastrophe bonds, growth from the just under 95% of the market as of the end of Q1.

Which shows that even in an environment of record catastrophe bond issuance levels, the BSX continued to grow its share of the market volumes, further cementing its key role in the sector.

Also read: BSX streamlines listings for previously approved insurance-linked securities (ILS) programmes.

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.