2025 has seen continued growth within the alternative capital markets, supported by steady expansion across property catastrophe and casualty lines, along with increased capital flowing into catastrophe bonds and collateralized reinsurance transactions, greatly reflecting investor confidence, according to Artex Risk Solutions.
In its Fall 2025 state of the market report, executives from Artex noted, “the upward trajectory of both ILS supply and demand has propelled this market to new highs in 2025. With mid-year Cat Bond and related ILS issuance surpassing last year’s record, the market is on track to achieve its USD20 billion a year milestone. Both new and returning sponsors are driving issuance activity.”
With additional transactions settled in the fourth-quarter so far, the total for 144A cat bond issuance in 2025 has reached almost $19.1 billion at this time of writing and when including private cat bond deals issuance tracked by Artemis has reached over $19.7 billion.
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