The island saw strong registration of new catastrophe bond, insurance-linked security and alternative or third-party reinsurance capital-related entities in the first half of the year.

The number of special-purpose insurers registered by the Bermuda Monetary Authority was 14 during the first half of the year, the same number as in 2024, according to new BMA data.

Thirteen restricted SPIs were registered for catastrophe bond issuances in the period, while the other entity was an unrestricted SPI that could be used as a multi-use collateralised reinsurance structure.

There were no unrestricted SPI vehicle registrations in H1 2024.

Artemis.bmcommented on the new data: “Catastrophe bond SPIs tend to be used multiple times over a number of years, in most cases, so the continued flow of new cat bond issuers is positive for a continuation of new issuance activity levels coming out of Bermuda.”

Four new collateralised insurer class companies were also registered during this period — two more than in the previous year.

There were 18 registrations by the BMA of firms that could be definitively identified as having an ILS use case.

Artemis.bm stated that the continued growth in registrations is particularly impressive considering that so many of the cat bond and ILS structures registered in Bermuda over the years are able to be used multiple times.

“Gone are the days where new special-purpose vehicles need to be established for every ILS transaction, with the majority of structures able to issue multiple series of notes or preference shares, and a growing number able to transact with multiple counterparties as well,” the Artemis.bm remarks continued.

The website pointed to a growing trend of these structures coming to market over the past few years with almost every one registered in Bermuda.

Across cat bond, ILS and third-party capital underwriting registrations, the island saw 20 registrations in the first half of this year, compared with 17 a year ago.

“Bermuda continues to maintain its position as the leading domicile for insurance-linked securities of all kinds, as well as for the expanding use of third-party capital within structures that directly source reinsurance industry returns for investors,” Artemis.bm said.

The publication called it impressive that Bermuda is home to the vast majority of ILS issuance vehicles through registrations under the BMA, as well as to ILS structure and cat bond note listings through the Bermuda Stock Exchange.