Against the softening property catastrophe market, casualty remains the most focal alternative within the insurance-linked securities (ILS) space, but also the hardest to successfully close, according to Ledger Investing, who reports that while capital is actively seeking diversification, casualty rate adequacy remains intact, and the market is working deliberately to standardise.
The insurtech and casualty ILS specialist detailed these dynamics in its recently published mid-year 2026 report, highlighting how the softening property market is creating further opportunities within the expanding casualty ILS sector.
“Against a softening property-cat market, casualty remains the most-discussed alternative in ILS and, at the same time, the hardest to successfully close. The general read from across the market in the first half of 2026 is rather consistent: interest remains undiminished, but completed deal volume lags the conversations considerably,” Ledger explained.
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