cat bond lite

The Mangrove Risk Solutions private insurance-linked securities (ILS) platform operated by Marsh McLennan and reinsurance broker Guy Carpenter has issued its largest private catastrophe bond deal so far, with a $102.5 million Mangrove Risk Solutions Bermuda Ltd. (Series 2025-A) that has come to light in July.

Issuance of catastrophe bonds and related insurance-linked securities (ILS) approached a massive $10.5 billion for the second-quarter of 2025, growing the outstanding cat bond market by $4.6 billion to a new end of quarter high of $56.7 billion, Artemis’ new quarterly cat bond market report shows.

The Mangrove Risk Solutions private insurance-linked securities (ILS) platform operated by Marsh McLennan and reinsurance broker Guy Carpenter has issued a $6.25 million Mangrove Risk Solutions Bermuda Ltd. (Series 2025-D2) private catastrophe bond deal.

During the first-quarter of 2025, the trend in the catastrophe bond market was one of issuances upsizing and pricing down thanks to elevated levels of investor demand and robust capital levels in the sector.

Catastrophe bond and related insurance-linked securities (ILS) market issuance reached a huge $7.1 billion for the first-quarter of 2025, which has driven the size of the outstanding market to a new all-time-high of $52.2 billion, Artemis’ new quarterly cat bond market report shows.

Global reinsurance firm Hannover Re has successfully sponsored a renewal of its landmark parametric cloud outage catastrophe bond, securing $20 million in retrocessional cyber reinsurance protection covering cloud outage events from a new Cumulus Re (Series 2025-1) issuance, with the support of Parametrix.

Consecutive record years of cat bond issuance, a fast start to this year, a broadening investor and sponsor base, and expansion into perils like cyber and casualty, means it’s an exciting time to be in the insurance-linked securities (ILS) space, according to Jason Bolding, CEO of Gallagher Securities.

Following a record year for the catastrophe bond market in 2024, with issuance increasing by over $1 billion to a new annual high of $17.7 billion, 2025 is set to be another busy year for the market, according to Brad Adderley, Partner at global law firm Appleby.

Kaith Re Ltd., the transformer vehicle owned by global reinsurance firm Hannover Re, has issued seven series of private catastrophe bond notes, all Seaside Re (Series 2025), for a total of $84 million of notes sold to investors.

2024 was another record issuance year for the catastrophe bond market and with total alternative reinsurance capital reaching new heights, the way insurance-linked securities (ILS) managers and investors matched appropriate risk returns was a notable success, according to Bill Dubinsky, Managing Director and CEO of Gallagher Securities.