Catastrophe bonds and insurance-linked securities news

A strong insurance-linked securities (ILS) manager is distinguished over a full market cycle by their ability to maintain discipline, limit drawdowns during severe events and ability to avoid reaching for yield late in the cycle, according to Francois Divet, Head of ILS Team at BNP Paribas Asset Management.

NJM Insurance has now successfully secured the upsized $250 million of northeast US named storm reinsurance from the capital markets with its new Lower Ferry Re Ltd. (Series 2026-1) issuance, with all three tranches of notes pricing below initial guidance, Artemis can report.

Mercury General Corporation (Mercury Insurance), the California headquartered insurer, is now aiming to upsize its second 144A catastrophe bond sponsorship, with the target for fire reinsurance limit from the Luca Re Ltd. (Series 2026-1) issuance now having risen to between $125 million and $175 million, Artemis can report.

Gallagher Re’s new Arthur Re Ltd. platform adds another dimension to the reinsurance broker’s global retrocession offering, and according to Jason Bolding, Global CEO of Gallagher Securities, the platform allows the firm to bring clients more flexible capital solutions while streamlining the issuance process for index-based catastrophe bonds.

Today’s insurance-linked securities (ILS) market is significantly broader and more resilient than it was just several years ago. However, while the market is seeing growing interest in casualty, specialty, cyber, and hybrid structures, this evolution also means the ILS space is fundamentally more complex, according to Kathleen Faries, CEO of Artex Capital Solutions.

Everest Re, the global reinsurance unit of Everest Group, has returned to the catastrophe bond market in search of at least $530 million of multi-peril collateralized North America focused retrocession with three and four year tenure Kilimanjaro III Re Ltd. (Series 2026-1) and Kilimanjaro III Re Ltd. (Series 2026-2) transactions, Artemis can report.

The Massachusetts Property Insurance Underwriting Association (MPIUA) has now successfully secured its targeted $150 million of multi-peril aggregate reinsurance protection through the Mayflower Re Ltd. (Series 2026-1) catastrophe bond, with both tranches of notes pricing below their initial guidance ranges, sources have told Artemis.

NJM Insurance has set its sights on sponsoring its largest catastrophe bond so far, with all tranches of notes now having target sizes that overall seek to secure $250 million of northeast US named storm reinsurance from the capital markets from its new Lower Ferry Re Ltd. (Series 2026-1) issuance, Artemis can report.

Icosa Investments AG has confirmed the appointment of Dr. Raffaele Dell’Amore as a Partner and member of the firm’s management team. In this role, he will lead the continued expansion and institutionalisation of Icosa’s offering, with a particular focus on catastrophe bonds and insurance-linked securities (ILS).

The total for settled catastrophe bond issuance across Rule 144A deals and the private cat bond transactions we have analysed so far in 2026 has reached $16.1 billion as of today, while settled 144A cat bond issuance alone currently stands at over $15.8 billion.