Bermuda’s BSX maintains global ILS listings leadership, takes majority of issuance through Q3

The Bermuda Stock Exchange (BSX) has now listed in total 169 new catastrophe bond notes and insurance-linked securities structures in the first three-quarters of 2026, maintaining its global position as ILS listings leader and becoming home to the vast majority of listed ILS issuance so far this year.

A heavy maturity load and some more early redemptions of mortgage insurance-linked notes resulted in the total value of ILS listings on the Bermuda Stock Exchange (BSX) falling through the third-quarter of 2026.

Having reached as high as $70.5 billion of ILS related listings on the exchange after the first-half of this year, the figure has declined slightly to almost $67.4 billion of cat bond and ILS listings on the BSX as of September 30th.

Naturally, issuance of new catastrophe bonds and ILS is slower in the third-quarter of the year.

Up to June 30th, the BSX had newly listed 146 ILS related securities and program structures, with a total value of almost $16.5 billion.

By the end of September, this had risen to 169 new listings of ILS securities and programs on the BSX in 2026, totalling nearly $17.8 billion.

As of September 30th 2026, the BSX was the listings home to 731 cat bond and related ILS listings, which amount to the $67.4 billion.

555 are related to catastrophe bonds, 552 of which cover catastrophic perils and 3 terrorism and financial guarantee risks. 166 listings from mortgage ILS deals and some cat bond preference shares make up the remainder.

Total catastrophe bond related listings on the BSX as of September 30th stood at almost $61.1 billion, down slightly from $62.6 billion at June 30th.

As of June 30th and based on our mid-year cat bond market outstanding record high of $65.6 billion, it meant the BSX accounted for 95.4% of the marketplace of 144A and private catastrophe bonds.

Now, a quarter later, after maturities and early redemptions that occurred, the BSX is still an impressive almost 93% of the total addressable market of catastrophe bond securities that could be listed as of September 30th 2026.

The Bermuda Stock Exchange continues to be the most important listing venue for the catastrophe bond and ILS market. We’d expect further growth and a potential new high to be set for the value of its ILS listings later this year, if the issuance pipeline proves to be as strong as market sources hope to see.

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.