Speaking in Monte Carlo today at a S&P Global Ratings briefing during the annual reinsurance event, Maren Josefs, Credit Analyst at S&P Global, said it may be time to rethink the name alternative capital, as it was really always designed to complement the traditional reinsurance market and in recent years has become increasingly aligned and embedded in the sector.
“I think it’s fair to say that the alternative capital market is actually firing on all cylinders. We’ve seen substantial growth on the cat bond side, in sidecars collateralized Re and ILW’s,” Josefs explained to the audience assembled in Monaco today.
“When we look at where a lot of the growth is coming from, I think the main story, as we have all heard, has been in the cat bond market. After breaking records already in 2023 and 2024, 2025 has also been a record year. We’ve seen the issuance in the first six months of this year equal the issuance of the total of the 12 months last year. So massive growth on that side,” she continued.
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