The Bermuda Stock Exchange (BSX) has passed the $4.7 billion mark in insurance-linked securities (ILS) with the new listing of a $100 million catastrophe bond.Munich Re has established the cat bond through the Bermuda-based vehicle Queen Street VI Re Ltd for hurricane exposure in the United States and for European windstorm. The bond has a mature date of April 9, 2015.This follows the listing of a $75-million catastrophe bond through Queen St V Re Ltd, in February.ILS, which include cat bonds, are instruments that allow investors to have exposure to risks of specified types and scale. Investors risk being wiped out if the bond is triggered by a specified event, but are paid attractive rates of interest for putting their money at risk.“We’re delighted that Munich Re continues to see the value of using Bermuda and the BSX for their transactions,” BSX CEO Greg Wojciechowski told The Royal Gazette yesterday.“This brings the BSX up to a total of 34 listed ILS with an apporximate market capitalisation of $4.7 billion. Bermuda continues to build momentum in this important space.”The BSX has been quickly catching up the Cayman Islands Stock Exchange, which is currently the offshore leader in catastrophe bond listings.Bermuda has emerged as a serious competitor for Cayman in the ILS space after the Bermuda Monetary Authority created a ‘special purpose insurer’ classification, which created a regulatory framework specifically designed for cat bond and ILS vehicles.The BSX is the world’s largest offshore, fully electronic securities market and has been bolstered by an investment last December by the TMX Group, owner of the Toronto Stock Exchange, which bought a 16 percent stake in the BSX.