The amount of non-life alternative reinsurance capital from catastrophe bonds and insurance-linked securities (ILS) grew by more than 5% just in the first-quarter of the year, with Gallagher Securities estimating $7 billion of incremental capital was added, to take non-life ILS capital outstanding to $142 billion at the end of Q1 2026.
It sets a new high for ILS capital outstanding in the non-life insurance and reinsurance market, showing how impressive activity levels have again been in just a single quarter of this year.
Recall that, over full-year 2025, non-life ILS capital rose by what reinsurance broker Gallagher Re said was a “historic amount”, adding $21 billion over the course of the year to reach $135 billion at December 31st.
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