BSX is the world's leading listings platform for Catastrophe Bonds and other ILS structures.  Known as the "world's risk capital", Bermuda is an ideal location for the creation, listing and trading of sophisticated, securitised insurance-related instruments and is the leading ILS, property and catastrophe market globally.


Why List on the BSX

  • Recognised by HMRC and Irish Revenue under the "quoted Eurobond withholding tax exemption" allowing listed issuers to pay interest without deduction of withholding tax 
  • Competitive fees
  • Experienced team 
  • Flexible approach
  • Guaranteed timelines


How to List

  • Compile and submit key documents (may be in draft form)
  • The BSX will review the application and if deemed fit and proper, provide approval in principle
  • Submit final documents to BSX
  • Approval and admission to listing


Key Listing Documents (see listing regulations for more details)

  • Letter of application
  • Offering/prospectus document and BSX wrapper if applicable
  • Constitutional documents
  • Relevant financial information (audited accounts if available)
  • Corporate resolutions
  • Relevant contracts
  • Directors' undertaking and KYC
  • Issuer's undertaking
  • Sponsor's undertaking


Fees (all fees quoted in US$)

Listing Fees for ILS from 1 April 2024 

Listing fee Stand-alone note $3,000 $1,500
  Programme $3,000 $1,500
  Each programme class/note $600 $660
 Account service fee*     $100
 Premium application fee*   $1,500  


  • Comprehensive listing fee - $12,500*

  • 5% discount option for upfront payment to maturity date*

     *Please see Listing Fee Schedule for further information




Announcements and Templates


     The following templates are provided to assist issuers in making regulatory announcements


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