Listings of catastrophe bond notes on the Bermuda Stock Exchange have continued to rise.

An Artemis.bm article has stated that they are higher by nearly 5 per cent in notional limit terms over the first quarter of the year, to end the period at a new high of $47.53 billion.

Artemis stated that overall insurance-linked securities listings on the BSX, which includes catastrophe bond programmes and notes, any preference or other share types from quota share structures such as reinsurance sidecars, listed fund units, and mortgage insurance-linked securities also reached a new high of $56.55 billion.

The report said: “There have been continued early maturities of mortgage ILS notes in recent months and at the same time that market has not seen any issuance since September 2024, but for the BSX the growth of the catastrophe bond market has been driving its overall ILS listings higher.

“As a result, the BSX’s listings of catastrophe bonds, across both cat and non-cat risks, have closely tracked the growth of the outstanding market, which also stood at 5 per cent for Q1 2025.”

The report said there has been growth in listings of property catastrophe bonds and in non-cat bonds.

It added that the BSX has maintained its leading position as a location to list ILS notes because of the efficiency of its listings service and its longstanding, strong engagement with the ILS market.

Artemis said: “Bermuda remains the pre-eminent domicile for locating and transacting any insurance-linked security instruments, with the majority of the global market basing structures there for catastrophe bonds and the full range of collateralised reinsurance arrangements.

“As a result, the BSX continues to expand its listings in line with the growth being seen in the cat bond and ILS marketplace.

“Which means the BSX’s listings of catastrophe bonds are more than keeping pace with the large amount of maturities seen in the space, and so are tracking the growth of the outstanding cat bond market.

“A further reflection of the health of the BSX’s cat bond listing activities is the fact two entirely new cat bond programmes were added in Q1 2025, taking the total to 116 cat bond programmes listing their notes on the exchange.”

Artemis.bm said it is among the busiest websites with a reinsurance and catastrophe risk focus in the world, attracting more that 60,000 monthly readers.