Mangrove Property Insurance Lists First Catastrophe Bond on Bermuda Exchange
Hamilton, Thursday, 20 August 2026.
Florida’s Mangrove Property Insurance celebrated listing its inaugural $111 million catastrophe bond on the Bermuda Stock Exchange, expanding capital market protection against severe storm risks.
Ceremony Marks Capital Market Entry
Mangrove Property Insurance Company celebrated the listing of its inaugural catastrophe bond, issued via special purpose insurer Buttonwood Re Ltd., with a bell-ringing ceremony at the Bermuda Stock Exchange [1][2]. The event, held on 19 August 2026, underscores the expanding role of insurance-linked securities as primary insurers increasingly look to institutional capital markets to hedge severe weather and natural catastrophe risks [2][3]. For financial strategists, this issuance reinforces Bermuda’s position as a critical center for global risk transfer solutions amid persistent tightness in traditional reinsurance markets [2]. Stephen Weinstein, Founder and CEO of Mangrove, noted that Bermuda has been, is now, and will be the global risk capital and the best place to launch an insurance-linked securities vehicle [3].
Transaction Structure and Capital
The Buttonwood Re transaction involved support from more than 20 investors, the majority of whom were new capital partners for Mangrove [1]. Issued in May 2026, the Series 2026-1 principal-at-risk variable-rate notes secured $111 million in collateralized reinsurance protection for Florida named storm risk [1][2]. This efficiently structured multi-year and aggregate cover provides important new protection for Mangrove policyholders [1]. Mangrove Property Insurance, based in St. Petersburg, Florida, was launched in January 2025 and holds an “A, Exceptional” rating from Demotech, Inc [1][2].
Bermuda’s Dominance in Insurance-Linked Securities
As of the first half of 2026, the Bermuda Stock Exchange listed 146 new insurance-linked securities vehicles, bringing the total to 775 vehicles valued at $70.5 billion [2]. This volume comprises 95.4% of global catastrophe bond issuance, highlighting the exchange’s dominance in the sector [2]. Mangrove intends to remain a participant of the Bermuda Stock Exchange for future years, signaling long-term commitment to the jurisdiction [2]. The company is currently accepting agency appointment requests, indicating ongoing operational expansion following the capital raise [1].