As Rule 144A property catastrophe bond issuance continues to surge, spreads have also been compressed through a combination of reinsurance rates softening and high levels of capital and investor appetite, given this, Dr. Raffaele Dell’Amore, Partner at Icosa Investments AG, has stressed to Artemis that market capacity must follow genuine opportunity, rather than capital outstripping demand.
Speaking to Artemis around the start of the reinsurance conference season, Dell’Amore outlined that while cat bond issuance growth is a positive development, this alone does not fully articulate whether the growth is fully sustainable.
Catastrophe bond issuance growth has continued to increase heavily throughout 2026, with H1 2026 setting new cat bond market records.
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