BSX announces record ILS growth in Bermuda during 2016


2016 saw insurance linked securities (ILS) listings in Bermuda increase to a record level, according to the Bermuda Stock Exchange (BSX) in its end of year review.

BSX chief compliance officer James McKirdy said that 2016 saw positive listing activity across most sectors including international equities, debt, collective investment vehicles and ILS.

“International debt listing activity was particularly strong growing by over 100 percent from 55 to 116 listed securities. As at 31 December the total number of listed securities stood at 753.”

“There were also a record number of new ILS listings, 61 in total, with a capitalisation value of $6.157 billion, including seven new variable rate note programmes and 19 new notes under established programmes,” McKirdy said.

“In total, the number of ILS listed vehicles grew from 151 to 175 (a 16 percent increase), while the overall value of these securities grew from $19.21 billion to $21.22 billion (a 10 percent increase).”

“There were also 29 new collective investment vehicles, 2 international equities, 19 new derivatives and 74 fixed income securities listed along with 11 subsequent issues undertaken by existing listed issuers, including those of Butterfield Bank and Keytech.”

“De-listings included a number of ILS vehicles, international debt structures and Butterfield Bank’s 8% Preferred share class, all of which matured as part of the normal course of business.”

BSX president and CEO Greg Wojciechowski said that 2016 was a very positive year for the BSX, commercially and organisationally, with some very significant milestones achieved and that BSX was particularly proud of its appointment to the board of directors of the World Federation of Exchanges, the global association of exchanges and clearinghouses.

“2016 set the stage for what I believe will be a very exciting year for the BSX and Bermuda’s domestic economy,” said Wojciechowski. “The green shoots of Bermuda’s economic recovery continue and the BSX will play its part to provide a nurturing environment for Bermuda’s economic recovery to accelerate.”

Bermuda Stock Exchange, BSX, ILS, James McKirdy, Bermuda, Greg Wojciechowski

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