Bermuda stretches ILS market lead

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  • Zero to $7.7 billion in five years: How Bermuda has surged ahead of its major ILS sector rivals

    Zero to $7.7 billion in five years: How Bermuda has surged ahead of its major ILS sector rivals


Bermuda is streaking ahead in the global ILS market, with the Island issuing $7.7 billion of during 2014.

By comparison Cayman Islands saw only $0.7 billion of issuances and Ireland had $0.4 billion.

The global stock of ILS at the end of 2014 was worth $25.2 billion, with Bermuda-issued insurance-linked securities standing at $15.1 billion, or 60 per cent of the total global outstanding capacity.

In its market report, the Bermuda Monetary Authority notes that the Island had 36 ILS issuances during the past year, compared with only four in Cayman Islands and two in Ireland.

“The final quarter of 2014 ended on a strong note for the ILS market. Nine bonds were issued totalling $2.2 billion. The total outstanding volume of ILS cat bonds rose 9 per cent over the previous quarter and 20 per cent year over year,” the BMA said in the report.

The average deal during the fourth quarter was approximately $240 million, up $6 million on the same period in 2013. The two largest deals during the quarter were issued by Kilimanjaro Re Ltd 2014-2, and Tradewynd Re Ltd 2014-1, each valued at $500 million.

ILS issuances in the fourth quarter increased 15 per cent compared with the same period in 2013.

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Published Mar 6, 2015 at 8:00 am (Updated Mar 5, 2015 at 8:53 pm)

Bermuda stretches ILS market lead

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