Private insurance-linked securities news

With the settlement today of two new catastrophe bonds, the 144A marketplace for new cat bond issuance has now just reached the $20 billion milestone in 2025, while including private deals the total amount of settled issuance tracked by Artemis this year is now $20.62 billion.

Another new private catastrophe bond issuance from the Eclipse Re Ltd. transformer vehicle has come to light, the eighth from the platform in 2025 so far. At $100 million in size, this Eclipse Re Ltd. (Series 2025-8A) cat bond lite has become the biggest from the issuer this year.

With the pipeline of new 144A catastrophe bonds growing as new deals get launched, the market is now officially on track for the first $20 billion plus calendar year of issuance in 2025.

With the catastrophe bond market pipeline growing for the fourth-quarter, Artemis is on course to track its first $20 billion year of issuance in 2025, as our extensive and long-standing data set of Rule 144A and private cat bond transactions now has that milestone in sight.

This video features the first panel discussion of the day at Artemis London 2025, a session focused on the private insurance-linked securities market segment, from our fourth catastrophe bond and insurance-linked securities (ILS) conference in the City of London, UK, held on September 2nd 2025.

As discussions begin regarding the upcoming January reinsurance renewals, the question of how disciplined ILS managers will remain on contract structures looms, with Cahal Doris, Chief Investment Officer (CIO) Private ILS, at Twelve Securis suggesting that ILS managers would be wrong to give away structural improvements at 1/1.

Another new private catastrophe bond transaction, or cat bond lite deal has come to light, with $15 million of privately placed Kettering insurance-linked securities (ILS) notes issued by a Bermuda based Artex Risk Solutions operated transformer entity, Artemis has learned.

Two more private catastrophe bonds have come to light from the Eclipse Re Ltd. transformer vehicle, which has taken the total issued by the Artex managed structure to $118.2 million in 2025 so far across seven series of notes, lifting private cat bond issuance tracked by Artemis to $496.51 million year-to-date.

In a recent report, rating agency AM Best points to the potential for expansion of the collateralized reinsurance and private insurance-linked securities (ILS) space, not least as catastrophe bond risk-adjusted spreads tighten this year.

Private catastrophe bond issuance in 2025 has now surpassed the full-year total from 2024, as three new series of notes issued by the Eclipse Re Ltd. transformer vehicle have come to light and taken this year’s figure to over $465 million.