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Bermuda sees surge of insurance-linked securities deals in 2012

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Thirty-six insurance-linked securities deals listed on the Bermuda Stock Exchange make up one-third of the total global market issuance, the Bermuda Monetary Authority said Thursday.

Bermuda-listed ILS jumped to $5 billion in market capitalization through the first half of this year from $3 billion at the end of 2011, the BMA said in a statement.

The use of ILS by primary insurers has surged in 2012, according to industry experts.

In the first nine months of 2012, the BMA registered special-purpose insurers with total premiums of $595 million, including four SPIs underwriting more than $1.2 billion of catastrophe bonds, according to the statement.

In the second quarter of this year, Everglades Re Ltd. underwrote $750 million in cat bonds for Florida Citizens Property Insurance, the world’s largest cat bond deal, the BMA said in the statement.

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