Issuance of Rule 144A property catastrophe bonds in 2025 surpassed the $20 billion milestone today as the settlement of the largest wildfire cat bond ever seen, sponsored by the California FAIR Plan, has taken the total for the year-to-date to just over $20.7 billion, Artemis data shows.
Full Rule 144A property catastrophe bonds, so those covering physical natural catastrophe risks to property assets, make up the largest segment of the cat bond market and have done since its inception in the second-half of the 1990’s.
Notably and underscoring just how incredible issuance has been this year, when looking at only 144A property catastrophe bonds, annual issuance in 2025 is now already more than $4.1 billion higher than the previous annual record.
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