BSX streamlines listings for previously approved insurance-linked securities (ILS) programmes

The Bermuda Stock Exchange (BSX) continues to optimise its process for listing new insurance-linked securities (ILS), with a streamlining announced that will allow for guaranteed next day listings, with same day possible in certain cases, for previously approved insurance-linked securities (ILS) programmes.

The move will benefit repeat and renewal issuers of catastrophe bonds and other ILS securities, who can now expect their notes to get listed on the Bermuda Stock Exchange even faster following settlement of any issuances.

Recall that, the Bermuda Stock Exchange (BSX) remains the main venue for listings of catastrophe bonds and other insurance-linked securities (ILS).

After the first-quarter of 2026, total cat bond and ILS listings on the BSX reached over $68.5 billion, while a figure of $60.9 billion of BSX listed catastrophe and non-cat ILS meant the Exchange accounted for approximately 95% of the market at the end of March.

In seeking to continue enhancing its service offering to the ILS community, the BSX has now responded to a revision of debt listing regulations from the start of the year, to deliver a quicker listings service for ILS repeat issuers.

The move streamlines the process for listing new insurance-linked securities (ILS) issued under previously approved ILS programmes, with guaranteed next business day listing approval and a chance of same day in some cases, as long as relevant documentation is submitted in time and good order.

The move is expected to benefit both listings sponsors and issuers, while further improving the positioning of the BSX from a marketing and business development perspective with other exchanges.

New forms and documentation have been provided to listing sponsors and with the majority of catastrophe bonds now issued via multi-use special purpose insurers (SPI), it should mean many cat bond securities and other ILS instruments get listed on the BSX more quickly than in the past.

The vast majority of catastrophe bond issuances do get listed on an exchange, with most utilising the BSX for that purpose.

The listings are an enhancement to the transparency and an input to demonstrating the institutional quality of securities, while also being a requirement for liquidity for some investors as well.

As well as catastrophe bonds, the BSX also lists preferred notes and shares related to reinsurance sidecar structures, plus mortgage insurance-linked notes and other ILS instruments as well.