The second Bermuda insurance-linked securities (ILS) conference will be held from November 12-13, organisers have announced.

Arthur Wightman, insurance leader at financial services firm PwC and an ILS Bermuda committee member, said: “The year 2013 represented a watershed as the capital markets converged on reinsurance en masse.

“ILS funds performed very strongly and reinsurers provided diversity in the solutions provided to risk managers hedging largely property-catastrophe portfolios of risks.

“Bermuda is leading the way in innovation in reinsurance and looks forward to hosting leading lights of the insurance industry at Convergence 2014 in November.”

The first ILS Convergence conference attracted more than 280 delegates from around the world and is credited with helping to cement the Island’s position as a global leader in the sector.

The ILS sector is expected to amount to $100 billion of reinsurance capacity within the next five years.

The market is already estimated to be $30-40 billion, almost 15 percent of the property-catastrophe reinsurance market and this share is expected to continue to expand.

Bermuda Stock Exchange CEO Greg Wojciechowski, also an ILS Bermuda committee member, said: “Bermuda continues to lead the way in offshore jurisdictions, which is clearly evident in the ILS space with over $9 billion of insurance-linked securities listed on the Bermuda Stock Exchange and the formation of a record 51 SPIs in 2013.”

Jason Carne, head of ILS and managing director of KPMG audit in Bermuda, added: “Following on from the success of last year’s event, we are thrilled to host Bermuda Convergence 2014.

“Bermuda is clearly the market leader in this space and this will be the event for all those involved in the alternative risk market — insurers, reinsurers, investment bankers, regulators and service providers.”

Figures from the Bermuda Monetary Authority showed the new registrations increased across all market sectors in 2013, with alternative risk transfer sectors of the market showing the fastest growth.

By the end of 2013, $9.2 billion of the global ILS issuance of $20.1 billion was sponsored by Bermuda-based special purpose insurers, representing 41 percent of the worldwide stock of ILS.