The Bermuda Stock Exchange strengthened its position as the world’s leading venue for insurance-linked securities in 2025, reporting a sharp rise in new listings and a record share of global issuance.

The exchange said it added 209 new ILS listings during the year, a 34 per cent increase on 2024, bringing the total number of ILS securities listed on the BSX to 746.

The exchange accounted for 93.2 per cent of global ILS issuance in 2025, underscoring Bermuda’s central role in the global risk-transfer market.

Total nominal outstanding value of ILS listed on the BSX rose to $65 billion, up 16.4 per cent year-on-year. Of these, 520 securities provided catastrophe peril reinsurance coverage, with BSX-listed instruments representing more than 93 per cent of global issuance in that segment.

Market participants continued to use the exchange to raise capital for climate-related risks across Europe, Asia and the Americas, the BSX said, while 2025 also saw the listing of new cyber catastrophe bonds, reflecting the emergence of cyber risk as a tradable asset class within reinsurance markets.

Greg Wojciechowski, the president and chief executive of the BSX, said the results demonstrated the exchange’s ability to innovate while meeting global reinsurance needs.

“BSX has led the way in listing ILS vehicles for more than a decade, and we are proud to have not only maintained but strengthened our leadership position in 2025,” he said.

Beyond listings growth, 2025 marked a significant technology milestone for the exchange. In March, BSX launched a new, fully integrated trading, clearing, settlement and depository platform built on proprietary technology developed by its parent company, Miami International Holdings.

The upgrade is intended to allow the exchange to expand its product range and respond more quickly to changing market demand, while aligning the BSX with Miami International’s strategy of operating all its exchanges on a common technology stack.

Across all asset classes, the BSX closed the year with 1,209 securities listed, reflecting continued issuer confidence. While the number of debt securities listed fell to 201 from 240 in 2024, new international debt listings rose 17.6 per cent to 40, including aviation-related asset-backed securities, corporate debt and high-yield bonds.

Activity in Bermuda’s domestic equity market was more subdued. Trading volumes and values declined sharply compared with 2024, a trend the exchange attributed largely to merger activity.

However, the RG/BSX Index rose 28 per cent over the year, and total equity market capitalisation on the exchange increased to $297 billion.