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Bermuda Accounted for $3.6 Billion of ILS Issued during Second Quarter

Bermuda Map
December 06, 2018

According to the latest Bermuda Insurance-Linked Securities (ILS) Market Report, for the second quarter of 2018, the island remained the leading jurisdiction for ILS issuance, representing 73.2 percent of the global outstanding ILS capacity at the end of the quarter ($26.0 billion of $35.5 billion total global capacity). By comparison, at the end of the first quarter of 2018, the island's issuance was 75 percent of the global outstanding ILS capacity ($24.8 billion of $33.3 billion total global capacity).

The report added, "Total [global] issuance of $9.5 billion for the first two quarters of 2018 is the second highest issuance level for the first half of any year on record."

Globally, $5.1 billion of new risk capital was issued in the second quarter resulting from 26 deals. Bermuda's issuance volume was $3.6 billion for the quarter, according to the report.

The Bermuda Stock Exchange lists 106 foreign ILS (154 tranches) with an aggregate nominal value of $26.6 billion, according to the report. Of the deals, around $1.1 billion (6 percent) was issued by vehicles domiciled in Ireland and the United States. 

The average global deal size during the quarter was $198.1 million compared with $249.4 million for the second quarter of 2017. The largest deal was $500 million, and the smallest deal was $9 million. Comparatively, the quarter's average deal size for Bermuda-issued ILS was $163.7 million, with $375 million being the largest Bermuda-based deal for the quarter.

The full Bermuda Insurance-Linked Securities (ILS) Market Report is available at the Bermuda Monetary Authority website.

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