News and analysis on the use of private catastrophe bonds and private insurance-linked securities (ILS) can be found on this page.
Private cat bonds can offer sponsors a simpler and more efficient alternative to accessing the capital markets for reinsurance risk capital than entering into a full Rule 144A cat bond offering.
Private cat bonds are often issued as Rule 4(a)2 securities.
Another private catastrophe bond has come to market recently, as we’ve learned of a new $37.5 million Eclipse Re Ltd. (Series 2025-1A) privately transacted and placed insurance-linked securities (ILS) arrangement, the second such deal from the Eclipse Re transformer so far in 2025.
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Kaith Re Ltd., the transformer vehicle owned and operated by global reinsurance firm Hannover Re, has issued a new private catastrophe bond arrangement, with a $19.05 million tranche of Seaside Re (Series 2025-61) notes issued and privately placed with investors, Artemis has learned.
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Artemis has learned of a new $9.525 million private catastrophe bond that has been issued by German reinsurance company Hannover Re’s Bermuda-based structure Kaith Re Ltd., with the LI Re (Series 2025-1) deal assumed to be providing privately placed collateralized and securitized catastrophe reinsurance capacity for an unknown sponsor.
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We’ve learned of a new $25 million Eclipse Re Ltd. (Series 2025-2A) private catastrophe bond arrangement, which is the first issuance from the Eclipse Re platform that we have reported on this year.
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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.
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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.
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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.
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Centauri Insurance and Lilypad Insurance are the sponsors and beneficiaries of the recently completed $30 million Sailfish Re Ltd. (Koi Re – Series 2025-1) private catastrophe bond transaction, with the transaction providing the ceding companies a source of named storm reinsurance protection.
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Bermuda-domiciled special purpose insurer Sailfish Re Ltd. has issued a $30 million tranche of private catastrophe bond notes for an unknown sponsor, under a Koi Re Series 2025-1 issuance, Artemis has learned.
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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.
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