Swiss Re Insurance-Linked Fund Management

Mt. Logan Capital Management, Ltd.

Q1 2026 – Strong cat bond momentum persists with second-largest Q1 on record

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This report reviews the catastrophe bond and insurance-linked securities (ILS) market at the end of the first-quarter of 2026, looking at new risk capital issued and the composition of transactions completed during the three month period.

Our latest report examines the second most active first quarter in the market’s history, as a record 35 transactions comprised of 56 tranches of notes brought a significant $6.7 billion of new risk capital to market. Cat bond market momentum has persisted and Q1 2026 became the seventh-largest single quarter ever, resulting in the size of the outstanding cat bond market ending March 2026 at a new end of quarter high of $63.9 billion, reflecting growth of 4% from the end of 2025.

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