Alternative or third-party reinsurance capital, so that deployed through insurance-linked securities and related collateralized structures, grew by 18% over the course of 2025 and 10% just in the fourth-quarter to reach a record $136 billion at the end of the year, according to the latest estimate from broker Aon.
In a just released new report from Aon’s Reinsurance Solutions, the broker explains that global reinsurance capital reached another new high at the end of last year.
Having previously reported that total reinsurance capital reached $760 billion by the end of September 2025, Aon now puts the total 3% higher at $785 billion by the end of December.
Aon had estimated alternative and ILS capital in reinsurance as having reached $124 billion by the end of September, but with the December 31st figure of $136 billion it reflects very strong ILS market expansion of almost 10% just in the fourth-quarter of the year.
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