A record 15 insurance-linked securities (ILS) worth $US2.1 billion ($2.7 billion) were issued in the first quarter, according to the Bermuda Monetary Authority.

It was the most active first quarter for new issuance, the financial services regulator says in its latest ILS market report.

Bermuda accounted for 67%, or $US1.4 billion ($1.8 billion), of new issuance in the three months.

The average deal was $US124 million ($160 million), up $US6 million ($7.7 million) on the corresponding period last year.

Bermuda-domiciled special purpose insurers Galileo Re and Merna Re issued the largest deals, worth $US300 million ($386 million).

Global outstanding ILS fell to $US23.5 billion ($30.3 billion) during the quarter, after 18 bonds matured with a notional value of $US3.8 billion ($4.9 billion).

ILS with indemnity triggers make up 55% of the $US23.5 billion ($30.3 billion) of outstanding volume of ILS deals.