cat bond lite

2025 is the year all headline catastrophe bond records fell, and the first time annual issuance exceeded $20 billion, rising by 45% year-on-year to $25.6 billion across full 144A and private transactions we analysed. It was supported by record fourth quarter issuance of over $7 billion, the fifth-largest quarter ever, Artemis’ new quarterly catastrophe bond […]

Another new private catastrophe bond issuance from the Eclipse Re Ltd. transformer vehicle has come to light, the eighth from the platform in 2025 so far. At $100 million in size, this Eclipse Re Ltd. (Series 2025-8A) cat bond lite has become the biggest from the issuer this year.

A new private catastrophe bond has been issued by German reinsurance company Hannover Re’s Bermuda-based structure Kaith Re Ltd., with $15 million of LI Re (Series 2025-2) notes issued to support what is assumed to be a privately placed collateralized and securitized catastrophe reinsurance arrangement for an unknown sponsor.

Issuance of catastrophe bonds and related insurance-linked securities (ILS) was above-average at $1.036 billion in the third-quarter of 2025, lifting annual issuance to $18.6 billion at the end of the period. Which puts this year well on-track to surpass the $20 billion mark for the first time ever, Artemis’ new quarterly cat bond market report […]

Two more private catastrophe bonds have come to light from the Eclipse Re Ltd. transformer vehicle, which has taken the total issued by the Artex managed structure to $118.2 million in 2025 so far across seven series of notes, lifting private cat bond issuance tracked by Artemis to $496.51 million year-to-date.

Private catastrophe bond issuance in 2025 has now surpassed the full-year total from 2024, as three new series of notes issued by the Eclipse Re Ltd. transformer vehicle have come to light and taken this year’s figure to over $465 million.

Another private catastrophe bond or private insurance-linked securities (ILS) arrangement has come to light from the Mangrove Risk Solutions platform, with this $4.95 million Mangrove Risk Solutions Bermuda Ltd. (Series 2025-G) transaction now taking private issuance tracked by Artemis to over $440 million so far in 2025.

The Mangrove Risk Solutions private insurance-linked securities (ILS) platform operated by Marsh McLennan and reinsurance broker Guy Carpenter has issued another private cat bond lite deal, as a roughly $22.43 million Mangrove Risk Solutions Bermuda Ltd. (Series 2025-C1) transaction has come to market, Artemis has learned.

Mercury Insurance has now recovered $20.05 million from its Randolph Re (Series 2024-1) private catastrophe bond transaction, after losses from the January 2025 wildfires in California exceeded the attachment and eroded some of its principal, Artemis has learned.

Another private catastrophe bond has come to market recently, as we’ve learned of a new $37.5 million Eclipse Re Ltd. (Series 2025-1A) privately transacted and placed insurance-linked securities (ILS) arrangement, the second such deal from the Eclipse Re transformer so far in 2025.