Specialised reinsurance broker Willis Re has identified increased activity in private insurance-linked securities (ILS), catastrophe bonds, and industry loss warranties (ILWs) as notable trends within the ILS market during 2025.
In a recent article, the broker explained that competition from alternative capital sources increased throughout 2025, with the firm particularly highlighting catastrophe bonds.
As we reported throughout last year, the catastrophe bond market had a landmark 2025, with it setting a high benchmark for annual issuance for future years to try and beat.
Cat bond issuance across full 144A and private transactions hit a record $25.6 billion of issuance in 2025, which took the outstanding market to a record $61.3 billion at year-end.
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