Secondary market news

Reinsurance broker Howden Re has released a new report in which the firm sets out a framework for introducing a secondary reinsurance market, noting that it would allow carriers to more efficiently allocate risk, which would ultimately improve and drive greater overall capital efficiency.

The secondary market for catastrophe bonds alternated between extended periods of low trading volume and flurries of more active turnover in 2025. However, according to Swiss Re Capital Markets, the market remained relatively “bid-heavy” throughout the majority of the year, with limited offers and tightening spreads reflecting a sellers’ market characterised by excess capacity.

A notable surge in secondary catastrophe bond market trading in the final days of 2025 suggests a “robust year-end repositioning”, according to Azimut Switzerland SA’s Isacco Loconte, who highlighted a number of key trends seen when analysing the period of more elevated cat bond market liquidity.

Our latest video features the fourth panel discussion of the day at Artemis London 2025, a session focused on the modernisation and liquidity needs of the ILS market as it grows, from our fourth catastrophe bond and insurance-linked securities (ILS) conference in the City of London, UK, held on September 2nd 2025.

Artemis can reveal that specialist ILS manager Twelve Securis is the seller of a seasoned portfolio of life insurance-linked securities (ILS) that Hudson Structured Capital Management Ltd. (HSCM) is acquiring through the launch of a new fund, with this deal demonstrating the increasing sophistication of market players and growing maturity of the ILS sector.

Despite the first half of 2025 being an active period for catastrophe bond investors in the primary issuance market, the secondary market for cat bonds was relatively subdued in terms of trading activity in comparison to the first half of 2024, according to Swiss Re Capital Markets, the insurance-linked securities (ILS) division of the global […]

Siena Capital Group, LLC, a private investment office with a focus on special situations and that counts former Gallagher Securities trading and distribution specialist Jack Stone as a Partner, is targeting the catastrophe bond and insurance-linked securities (ILS) market with a plan to launch a daily pricing platform later this year.

The secondary market for catastrophe bonds in 2024 saw distinct shifts in trading activity, with periods seeing high-volumes of trades, as well as times when the market was bid-heavy but fewer trades occurred, according to Swiss Re Capital Markets (SRCM), the insurance-linked securities (ILS) division of the global reinsurer.

Miami International Holdings, Inc. (MIH) has announced that it has launched a fully-integrated trading, clearing, settlement and depository technology platform for the Bermuda Stock Exchange (BSX), which is a wholly-owned subsidiary of MIH, in a move that marks a significant step in modernising the BSX’s market infrastructure.

The entry of market makers to enhance liquidity options in the secondary market for trading catastrophe bonds would be a dream come true, speakers suggested at the SIFMA ILS 2025 conference in Miami yesterday.