Bermuda ILS Marketplace · Live Trading Terminal
ReRiskx is an electronic marketplace for insurance linked securities. Every transaction lives in its own Bermuda digital segregated cell, and every participant sees the same live market on one terminal.
The gap
Capital keeps pouring into insurance linked securities, yet most of it still moves by phone, PDF, and blind fund structures. Four structural gaps limit how much risk can reach that capital.
Cedents without broker relationships or capital markets access struggle to reach ILS investors, and price discovery happens off screen.
Once a cat bond or collateralized contract is placed, investors have few ways to rebalance exposure during the year.
Many platforms route capital through blended funds, so investors cannot hold a specific, transparently priced slice of risk.
Paper letters of credit and periodic reconciliation leave counterparties exposed to collateral they cannot confirm in real time.
The platform
ReRiskx combines a Bermuda digital segregated cell structure with a full market terminal, so issuance, trading, and settlement share one record and one screen.
Bermuda has ring fenced risk in segregated accounts for more than two decades. ReRiskx adds a digital layer on that proven legal structure: each tranche, quota share, or parametric cover is issued into its own cell, so a loss in one cell can never reach the assets of another.
Not a concept on paper. The terminal is a working demo already ingesting real market data, giving cedents, brokers, and capital providers the same real time view of pricing, order books, issuance, and cell exposure.
A dedicated cell is created for the transaction with its own assets and liabilities.
Cedent and capacity provider price and place the risk on screen.
Positions transfer to new counterparties through secondary trading.
Collateral and exposure stay visible in real time, not reconciled later.
The cell closes at maturity and obligations are extinguished on the record.
The terminal
Built in the tradition of institutional market terminals, the ReRiskx Terminal puts every stage of an ILS transaction on a single, shared interface. Explore the views below. Participants log in for live access.
Pricing ticker across active tranches, a watchlist filterable by peril and trigger, price and spread charts, a depth of market order book, a peril by region expected loss heatmap, and a live news and regulatory feed.
The active deal pipeline, year to date issuance against outstanding market size, average pricing multiple and spread, and a ranked view of the largest sponsors and their programs.
Order entry and a live execution blotter for primary and secondary trades, with side, size, price, spread, counterparty, and venue on every line.
Issued and outstanding volume by year, exposure by peril, market structure by trigger, coupon and expected loss bands, and a top sponsors table sourced from Artemis market data.
The live registry of segregated and special purpose insurer cells by cedent, class of business, and notional, open or settled. The operational expression of the digital cell model.
Featured · Secondary trading
Most ILS positions are still held to maturity. ReRiskx opens a live secondary market for every cell, so holders can change their exposure when their view, their portfolio, or the weather changes.
Cat bond Sharpe ratio versus 0.49 for the S&P 500. Trading lets holders build that diversification across perils and regions, cell by cell.
Typical cat bond term. Without a secondary market, the tail risk is locked in until maturity. With one, holders can step out before peak season.
Cut accumulation to a single peril, region, or common point of failure when it appears, not when the cell expires.
Cat bonds in their final year already trade twice as often as those with five years left. Holders want a way out.
A steady asset class draws new buyers, and seasoned cells with a known loss history give them a way in mid term.
Each secondary trade sets a live price for the cell, giving cedents and investors a current reference for new issuance.
Guaranteed exit
Participants
ReRiskx is an open, qualified venue rather than an advisory relationship. Cedents, capacity providers, and brokers work from the same prices and the same records.
Reach capital markets capacity directly, with structures built around a specific peril, region, or layer.
Hold a specific, transparently priced slice of risk rather than a blended pool you cannot see inside.
Bring clients to a shared market with live depth, issuance data, and a clean audit trail on every placement.
Held by single family offices worldwide, projected by Deloitte to reach $5.4T by 2030.
Average family office allocation to alternatives, yet ILS rarely appears as its own line item.
A terminal that lets sophisticated capital see live pricing and place a right sized cell without a fund wrapper.
Company
Emilio Figueroa
Founder
Emilio is a property and casualty veteran with 36 years across insurance program creation, MGA and captive formation, alternative risk transfer structuring, and reinsurance contract negotiation.
ReRiskx is building its operating team, underwriting bench, and Bermuda presence through the sandbox period.
Get involved
ReRiskx is selecting design partner cedents, capacity providers, and brokers for the 2027 sandbox pilot. Institutional investors can request the business plan.
