The world’s biggest hub for commercial and specialty risk is angling for a much more prominent role in the $140 billion global market for insurance-linked securities. Issuance of ILS products, currently dominated by Bermuda, is witnessing a as primary insurers and reinsurers look for ways to transfer their risk to the capital markets. And thanks to rising temperatures, urbanization and inflation, insurers increasingly face natural catastrophe costs that are well above historical norms.