Global demand for reinsurance increased by approximately 10% at the April 1st reinsurance renewals, as buyers capitalised on favourable market conditions to secure more comprehensive protection, with some expected to return to the market post-renewal to explore additional purchases, according to broker Aon’s April renewal report.
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Alternative or third-party reinsurance capital, so that deployed through insurance-linked securities and related collateralized structures, grew by 18% over the course of 2025 and 10% just in the fourth-quarter to reach a record $136 billion at the end of the year, according to the latest estimate from broker Aon.
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Reinsurance broker Gallagher Re has reported that Japanese property catastrophe programmes ran loss free, leading to risk-adjusted rate decreases of between -15% and -17.5% at the April 1st, 2026, reinsurance renewals, while property catastrophe in other regions saw risk-adjusted rate decreases of between -7.5% and -25%.
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US military mutual insurer USAA is back in the catastrophe bond market for its 47th sponsorship that we have analysed and tracked, with an initial target for $600 million of reinsurance from this Residential Reinsurance 2026 Limited (Series 2026-1) issuance that could make it the largest ever in the series.
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CatIQ, Canada’s insured loss and exposure index provider, has issued its fifth and final industry loss estimate from the ice storm that struck Ontario and Quebec in late March 2025, putting the insured market loss at CAD $466 million, a 5% decrease from its fourth loss estimate of CAD $490 million that was issued in September.
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The April 1st reinsurance renewals saw a continuation of the softening trend, with risk-adjusted property catastrophe rates-on-line returning to levels last seen in the early 2020’s, according to broker Howden Re.
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Aspen Capital Markets, the third-party, ILS and alternative reinsurance capital management unit that now falls under Sompo after its acquisition of Aspen, grew its assets under management AUM to a new high of almost $2.73 billion in 2025, representing 23% growth over the year.
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Plenum Investments, the Zurich based specialist catastrophe bond and insurance-linked securities (ILS) investment manager, has published a position paper clearly communicating its thoughts on the European Securities and Markets Authority (ESMA) recommendation regarding cat bond eligibility under the UCITS investment framework.
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Private insurance-linked securities strategies that invest in reinsurance and retrocession outperformed in February 2026 according to ILS Advisers, as its Index of strategies across the market returned 0.47% for the month.
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Kin Insurance, the direct to consumer insurtech, is now aiming to upsize its new catastrophe bond, with the revised target now being to secure between $325 million and as much as $335 million of fully-collateralized named storm reinsurance protection from the Hestia Re Ltd. (Series 2026-1) issuance, Artemis can report.
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Tower Hill Insurance Exchange is back in the catastrophe bond market looking to expand its capital markets backed reinsurance, with an initial target to secure $225 million of protection from a Winston Re Ltd. (Series 2026-1) issuance, the first from the sponsor to feature a third event cover, Artemis can report.
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With its fourth terrorism catastrophe bond sponsorship now settled, Pool Re CEO Tom Clementi has said that the £100 million Baltic PCC Limited (Series 2026-1) issuance signals the UK government backed mutual terrorism reinsurance firm’s deep commitment to think beyond the traditional.
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US insurer Progressive expanded its aggregate excess-of-loss reinsurance protection at the start of 2026 and has also renewed a hurricane season focused shared reinsurance limit arrangement to cover losses from any storms this year.
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The devastating Palisades and Eaton wildfires that struck the Los Angeles area in January 2025 served as a real-world stress test for outstanding wildfire catastrophe bond structures, while also increasing investor confidence in allocating to the wildfire peril, according to Swiss Re Capital Markets.
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