Bermuda ILS Marketplace · 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 prototype that already pulls live data straight from primary sources, and shows cedents, brokers, and capital providers how pricing, order books, issuance, and cell exposure will look on one shared screen.
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.
Transaction layers
Retained first loss, working layer quota share, catastrophe excess of loss, remote layers beyond a 1 in 100 year event, plus retro and aggregate covers. Remote layers suit pensions and family offices seeking low loss frequency.
Cat bonds, collateralized reinsurance, quota share and sidecars, industry loss warranties, parametric covers, and casualty and specialty. Hybrid triggers escrow on a parametric event and true up on confirmed loss to reduce basis risk.
Primary placement by request for quote or auction, secondary and partial sales, event mode trades, run off exits, quarterly legacy auctions, and finality novation at maturity. Emerging classes such as AI catastrophe risk use the same cell.
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. The DATA view runs on live primary source feeds today; trading views show demonstration data until the sandbox pilot. Participants log in for 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 news feed that mixes live storm, quake, listing, and rate alerts with demonstration market activity.
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 an execution blotter for primary and secondary trades, with side, size, price, spread, counterparty, and venue on every line. Shown with demonstration data ahead of the pilot.
Every ILS listing on the Bermuda Stock Exchange, with new series against the maturity wall, top issuers, and the latest listings. Alongside it, the US Treasury bill curve for collateral yield and live hurricane and earthquake events from NOAA and USGS. All direct from the source, refreshed automatically.
The 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, shown with demonstration cells ahead of the pilot.
AI native market infrastructure
Each placement and each trade adds clean, standardized data to the cell record. That data trains the models that price, monitor and protect the market, so the platform gets more useful with every cell it hosts.
Reads cedent premium and claims files, maps fields to Lloyd’s Coverholder Reporting Standards, ACORD and Oasis formats, and flags missing or inconsistent data before it reaches the cell record.
A model price for every cell from incurred losses, reserves, earned premium, the season ahead and comparable trades, labeled trade supported, quote supported or model only, and reviewed by a person before publication.
Screens daily claims data for frequency spikes, late reporting, reserve jumps and payee overlap, and routes flagged items to an independent reviewer.
Tags each cell by peril, region, model and vendor, and runs live aggregate exposure and stress tests across the whole market.
A fast machine learning emulator of licensed catastrophe models that produces indicative prices in event mode, when a forecast storm makes full model runs too slow.
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.
How liquidity builds
A holder asks eligible buyers for firm prices on a cell and takes the best. Every trade proves the transfer and settlement path.
Scheduled auctions pool buyers and sellers, supported by committed market makers and daily marks for every cell.
Once flow supports it, a live order book, portfolio trades and a public tape of prices and sizes.
When a forecast storm threatens a covered region, affected cells switch to event auctions with live loss estimates.
Cedents agree to transfers at issuance, within eligibility rules they set, in exchange for a lower price on their cover. The collateral never leaves the trust, so protection stays fully funded whoever holds the cell.
Guaranteed exit
Rated run off providers post continuous bids on eligible cells, set by a published formula from live collateral, reserve and loss data.
Holders can sell to a named provider at a formula price at expiry, or when collateral is trapped after the reporting period.
Portfolio auctions of loss affected and mature cells, with run off providers as core bidders.
Open claims and related collateral move to a provider, releasing the rest to holders and giving the cedent one counterparty.
Collateral integrity and controls
Trapped and unverifiable collateral is the most expensive weakness in ILS. Hurricane Ian alone trapped an estimated $15B to $18B of capital. ReRiskx is designed so every party can see the collateral behind a cell, every day.
Cash or Treasuries in trust with an independent, rated trustee. Letters of credit only by exception, confirmed and authenticated with the issuer.
Daily balances flow from the trustee to the cell ledger by API. No party uploads its own proof of collateral.
The platform never holds client funds. Trustee, claims administrator and auditor are independent of it and of each other.
Anomaly detection on daily claims data, random file audits, and holder rights to an independent loss review.
KYC and KYB with beneficial ownership, sanctions screening at onboarding and each trade, and AML under Bermuda law.
A year in platform fees on an illustrative $100M, three year cell, against roughly 1% a year for a typical 144A issue.
Of notional at placement for each side, and 0.2% per side on secondary trades. Run off providers pay the same.
Principal risk. ReRiskx earns fees, never trades for its own account, and keeps underwriting profit with the holders.
Transparency for every party
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.
