The Bermuda Stock Exchange (BSX) has reached a record $1.814 billion in listings of Insurance Linked Securities (ILS), the Exchange announced yesterday.The listing of the first Irish-domiciled ILS structure, Queen Street II Capital Ltd, takes the dollar value of listings on BSX to its highest value to date.The BSX is now seeking to attract more catastrophe bonds, which are used by the insurance industry to transfer extreme risks, such as those for earthquakes or hurricanes, in 2011.This latest bond to list, due April 9, 2014 and consisting of a $100 million dollar issuance, is also the first Irish incorporated company to list on the exchange.“The BSX now has listed 17 ILS,” said Greg Wojciechowski, CEO of the BSX, “and it is the first time that we have listed an Irish-incorporated vehicle.“We are now heading to the $2 billion mark - no small feat considering the legislation that allowed the creation of these vehicles in Bermuda was only passed in October 2009.”Throughout 2010 and 2011, Bermuda has been positioning itself as the jurisdiction of choice for the listing of ILS, according to Mr Wojciechowski.“Our goal throughout last year and this year has been to ensure that Bermuda is in the front of mind for the creation, listing and potentially secondary market trading of ILS and we will continue the effort,” he said.“Bermuda is the world’s third largest reinsurance market and is already home to 1,061 companies with $496 billion in assets and is a natural place for setting up cat bonds. Many of our reinsurance companies have issued cat bonds or set up special purpose vehicles such as side cars - so we have a historical interest and knowledge.”During 2010, $5 billion worth of cat bond were issued (according to Swiss Re), comprising 26 total transactions covering natural catastrophe and life risk.Cat bonds enable insurers to raise capital through the transfer of insurable risk for natural perils such as hurricane or earthquake damage via capital market vehicles. They have been popular with investors, while their prices have remained attractive for sponsors of the bonds.“We see the market in ILS as being truly international and this proves that point,” said Mr Wojciechowski. “Queen Street II Capital Ltd is not only incorporated in Ireland, but it is backed by Munich Re, and the sponsor of the listing is Appleby Securities (Bermuda).“To say we are delighted about Bermuda’s and the BSX’s results to date is an understatement. There had been serious interest in ILS in 2010 and this has continued into this year.“We sense that there is an increased understanding and appreciation in the industry of Bermuda’s commitment to support the future growth of this market.”