The Bermuda Stock Exchange (BSX) has published its year end review. It confirms that 2013 was a strong year for the exchange, with a significant increase in the listing of insurance linked securities.
BSX president and CEO, Greg Wojciechowski, said: “2013 ended strongly with a record number of ILS listings, well-supported and successful Bermuda government bond listings and the smooth implementation of upgraded exchange mission critical technology. The accomplishments of the BSX to date and in particular this year resulted from the hard work of a dedicated team of stock exchange professionals that manage and operate the exchange on a daily basis.”
At the end of the year there were a total of 665 securities listed on the BSX. Included in the new listings were several additional variable rate notes and programs from Armor Re, Galileo Re, Loma Re, MetroCat Re, Nakame Re, Sanders Re, Tradewynd Re and VenTerra Re. The number of insurance linked securities listed on the BSX grew 103 percent from 38 to 77. The value of these securities grew to $9.71billion from $5.81 billion from the same period last year.
BSX chief compliance officer, James McKirdy, said: “Year on year listings grew by 32 securities in challenging global economic conditions. In particular, new listings grew by 81 securities including 42 insurance linked securities with a capitalisation value of $4.617 billion.”
Wojciechowski said: “I am delighted with the place we find ourselves as we begin 2014 and have every confidence that the hard work undertaken at the BSX and in Bermuda to create and sustain a reputable and respected commercial and regulatory environment will continue to drive commercial development and assist us in adding new lines of business and further elevate Bermuda’s position amongst the major global financial centres.”
