Bermuda accounted for more than 62% of global issuance of insurance-linked securities (ILS) in the third quarter, according to its financial services regulator.

The country is increasingly used for purchasing ILS and catastrophe bonds, the Bermuda Monetary Authority says.

Total global issuance grew to $US1.7 billion ($1.9 billion) in the quarter from $US800 million ($878 million) in the corresponding period last year.

Bermudian special purpose insurers (SPIs) underwrote $US1.1 billion ($1.2 billion) of property and catastrophe risks via seven ILS transactions, up from $US500 million ($549 million).

Global outstanding ILS grew to a record $US19.5 billion ($21.4 billion) at the end of the quarter, including $US8 billion ($8.8 billion) sponsored by Bermuda-based SPIs.

The Bermuda Stock Exchange reported 63 ILS notes and programs at the end of the quarter.

The ILS market represented about 15% of total reinsurer underwriting capacity last year, according to the report.

Most of the securities cover North American perils, which accounted for 60% of the total outstanding volume between 2009 and this year.