Insurance-linked securities and catastrophe bonds listing this month on the Bermuda Stock Exchange have sailed over the $1.5 billion mark.

That end of year flurry of listings means there are 58 ILS securities listed on the local exchange, the same number as last year, representing $6.007 billion.

A $750 million trance of insurance-linked securities from Galilei Re Ltd was admitted to the exchange’s list on Wednesday.

That came hot on the heels of $560 million of ILS listed on the local exchange in the middle of the month, with other listings during the month including a $200 million placement on December 1.

Altogether, the month saw $1.602 billion of ILS listed on the BSX, beating the $1.155 billion admitted for listing in December 2015.

“ILS has been an awesome business story for Bermuda yet again in 2016,” said Greg Wojciechowski, president of the Bermuda Stock Exchange.

“Bermuda has expertly carved a niche in this global asset class segment and has emerged as a centre of excellence for the creation, support and listing of ILS structures.”

He said the island has become a globally recognised partner and business platform for the developing asset class, a point underlined by the success of the Bermuda Convergence event, held at the Hamilton Princess in November.

“Well over 300 industry professionals from 15 countries attended this annual industry event that was organised by the Bermuda ILS industry, supported by the Bermuda Government and Bermuda Business Development Agency,” he added.

In the Bermuda Monetary Authority’s most recent ILS Market Report, which covers the period up to the end of June, ILS issued from Bermuda represented 70 per cent of total outstanding global capacity, or $17.6 billion of the world’s total $25.1 billion, as it then stood.

Regarding the Galilei Re cat bond, the ceding insurer is XL Bermuda, but the reinsurance protection covers XL Catlin insurers, reinsurers and Lloyd’s of London syndicates, according to a report by Artemis.bm.

The online data media service also said the notes “provide XL Catlin subsidiaries with collateralised reinsurance protection for losses from US named storms, US earthquakes, European windstorms, Australian tropical cyclones and Australian earthquakes”.

The Galilei Re notes are $75 million of Series 2016-1 Class A-1 principal at-risk variable rate notes, $125 million of Class B-1, $175 million of Class C-1, $175 million of Class D-1, and $200 million of Class E-1. The tranches have different attachment points, starting with the A-1 notes covering losses from $200 million to $400 million, and the E-1 notes covering losses from $1 billion to $1.2 billion. All the notes are due on January 8, 2020.

Other ILS listings on the Bermuda Stock Exchange this month came from Leo Re Ltd, Limestone Re Ltd, LI Re, Horse Capital I DAC, and Bonanza Re Ltd.

The leading role the BSX plays in the global ILS market is a feather in the island’s cap. The exchange first entered the ILS segment of the market eight years ago.

Reflecting on the past 12 months, Mr Wojciechowski said it had been a very strong year for the BSX.

“There were some local headwinds, but we continue to develop and our brand deepens locally and becomes more and more respected globally. This is quite an achievement,” he said.

Significantly, in November, the BSX was appointed to the board of directors of the World Federation of Exchanges, the global association that represents more than 200 entities, including exchanges and central counterparty clearinghouses. The federation works to promote the development of fair, efficient and transparent markets.

The BSX has been a full member of the federation since 1999. Mr Wojciechowski will now work with its board of directors, including chairmen and CEOs from, among others, Nasdaq, Deutsche Boerse and Hong Kong Exchanges and Clearing.

Reacting to the BSX’s appointment last month, Mr Wojciechowski congratulated the BSX team for their hard work, adding: “It is very encouraging that a smaller exchange such as the BSX can play an integral role in accelerating the development of its domestic market while providing a platform to support the global capital market mandate.”