This report reviews the catastrophe bond and insurance-linked securities (ILS) market at the end of the third-quarter of 2025, looking at new risk capital issued and the composition of transactions completed during the period, as well as reviewing nine-month cat bond activity.
For the cat bond space, it was a typical albeit above-average, in terms of risk capital brought to market, third quarter, with $1.036 billion of issuance from 23 transactions comprised of 25 tranches of notes. Although 64%, or $665 million of quarterly issuance came from full Rule 144A property cat bonds, in terms of the number of deals, the 17 privately placed transactions we reported on dominated issuance in the period.
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