This report reviews the catastrophe bond and insurance-linked securities (ILS) market at the end of the second-quarter of 2025, looking at new risk capital issued and the composition of transactions completed during the period, as well as reviewing first-half cat bond activity.
It was the biggest quarter in the market’s history and includes the largest month ever, with May seeing almost $6 billion of issuance and Q2 as a whole reaching $10.5 billion of cat bonds issued across 38 transactions comprised of 58 tranches of notes. While, new annual records have been set for 144A property cat bond and total 144A cat bond and related ILS issuance, in just the first six months of the year.
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