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Bermuda Monetary Authority (BMA) Issues 4th Quarter Insurance-Linked Securities Report

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March 14, 2017

In its 4th quarter 2016 Bermuda Insurance-Linked Securities (ILS) Market Report, the Bermuda Monetary Authority provided the following summary. "The total nominal amount of outstanding ILS increased 2.4% year-over-year to $26.9 billion. There were six bonds issued in the fourth quarter totaling $2.1 billion, while two deals matured with a notional value of $600.0 million.

"Bermuda remains the leading jurisdiction for the issuance of catastrophe bonds. ILS issued from Bermuda represents 71.1% ($19.2 billion of $26.9 billion) of total outstanding capacity at the end of Q4–2016. Since 2010, 174 Bermuda-based Special Purpose Insurers (SPIs) have been registered and have issued 149 ILS.

"Bermuda is also host to foreign ILS listings on the Bermuda Stock Exchange (BSX), which augment the depth of the secondary market. A total of 84 foreign ILS (comprising 124 tranches) are listed on the BSX with an aggregate nominal value of approximately $20.1 billion. Five new ILS deals were listed on the BSX during the quarter while one matured."

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