Bermuda Exchange Sees Big Insurance Growth

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

This represents continued growth in the total dollar value of insurance-linked securities related listings on the BSX.

Market Share Expansion

The BSX also expanded its market share slightly in the second quarter, 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.

Listing Activity

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.

Market Presence

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 the 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.

The BSX’s listings include a variety of securities, such as catastrophe bonds and other insurance-linked securities.

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.