Tracking insurance-linked securities issuance, sponsor activity, peril exposure, and market trends
Published by GP Stakes, the private markets intelligence platform
The insurance-linked securities (ILS) market represents one of the most distinctive corners of alternative investments, offering investors exposure to natural catastrophe risk that is largely uncorrelated with traditional financial markets. With 1,245 deals tracked in our database totalling $234.1B in cumulative issuance, the cat bond market has matured into a significant asset class attracting institutional capital from pension funds, endowments, and dedicated ILS fund managers.
This report provides a comprehensive view of market activity including annual issuance trends, the most active sponsors, peril coverage patterns, trigger structures, and recent deal activity. The data is sourced from public deal records and updated as new issuances are confirmed.
For GP stakes investors, the ILS market is relevant because several alternative asset managers have built significant ILS businesses. Understanding market dynamics, sponsor relationships, and issuance trends provides context for evaluating these platforms and the durability of their revenue streams.
| Year | Deals | Total Issuance | Avg Deal Size |
|---|---|---|---|
| 2026 | 29 | $6.3B | $216.6M |
| 2025 | 123 | $25.8B | $209.4M |
| 2024 | 97 | $18.2B | $191.8M |
| 2023 | 100 | $17.9B | $181.0M |
| 2022 | 81 | $11.7B | $151.6M |
| 2021 | 98 | $20.3B | $208.8M |
| 2020 | 82 | $16.8B | $207.9M |
| 2019 | 65 | $10.6B | $163.3M |
| 2018 | 68 | $13.9B | $204.0M |
| 2017 | 62 | $12.5B | $202.4M |
| 2016 | 38 | $7.1B | $185.8M |
| 2015 | 49 | $7.6B | $158.2M |
| 2014 | 45 | $9.0B | $205.5M |
| 2013 | 37 | $7.6B | $206.4M |
| 2012 | 28 | $6.3B | $225.0M |
| 2011 | 28 | $5.0B | $178.1M |
| 2010 | 26 | $5.3B | $205.2M |
| 2009 | 18 | $3.4B | $188.9M |
| 2008 | 15 | $2.9B | $194.8M |
| 2007 | 31 | $8.4B | $270.9M |
| 2006 | 27 | $5.0B | $183.8M |
| 2005 | 13 | $2.5B | $190.8M |
| 2004 | 14 | $1.1B | $81.6M |
| 2003 | 19 | $2.3B | $119.2M |
| 2002 | 8 | $1.2B | $150.1M |
| 2001 | 10 | $1.3B | $128.0M |
| 2000 | 9 | $1.1B | $117.1M |
| 1999 | 10 | $1.0B | $100.8M |
| 1998 | 11 | $1.3B | $115.8M |
| 1997 | 3 | $717.0M | $239.0M |
| 1996 | 1 | $68.5M | $68.5M |
| Sponsor | Deals | Total Issuance | Avg Spread (bps) |
|---|---|---|---|
| Swiss Re | 87 | $13.5B | N/A |
| USAA | 46 | $12.4B | N/A |
| California Earthquake Authority | 23 | $9.1B | N/A |
| Allstate | 26 | $9.1B | N/A |
| State Farm | 24 | $8.7B | N/A |
| Arch Capital Group Ltd. | 22 | $8.6B | N/A |
| Citizens Property Insurance | 14 | $8.5B | N/A |
| Unknown | 250 | $6.9B | N/A |
| Everest Re | 15 | $6.3B | N/A |
| Texas Windstorm Insurance Association (TWIA) | 11 | $5.7B | N/A |
| Zenkyoren | 15 | $4.9B | N/A |
| SCOR | 20 | $3.9B | N/A |
| Essent Guaranty | 10 | $3.5B | N/A |
| Aetna | 17 | $3.3B | N/A |
| Radian Guaranty | 7 | $3.2B | N/A |
| Nationwide Mutual Insurance Co. | 10 | $3.2B | N/A |
| FEMA / NFIP via Hannover Re | 7 | $3.1B | N/A |
| MGIC Investment Corporation | 8 | $3.0B | N/A |
| North Carolina Insurance Underwriting Association | 8 | $2.9B | N/A |
| Travelers | 7 | $2.9B | N/A |
| XL Bermuda Ltd. | 7 | $2.8B | N/A |
| Liberty Mutual | 11 | $2.7B | N/A |
| Munich Re | 22 | $2.6B | N/A |
| Hannover Re | 17 | $2.2B | N/A |
| National Mortgage Insurance Corporation | 7 | $2.1B | N/A |
| Peril | Deals | Total Issuance |
|---|---|---|
| Mortgage insurance risks | 58 | $22.1B |
| California earthquake | 43 | $12.5B |
| U.S. hurricane, U.S. earthquake | 37 | $8.3B |
| Japan earthquake | 33 | $6.9B |
| Florida named storm | 19 | $6.6B |
| U.S. hurricane | 37 | $6.0B |
| U.S. earthquake | 23 | $5.6B |
| European windstorm | 27 | $4.7B |
| Texas named storms and severe thunderstorms | 9 | $4.5B |
| U.S. tropical cyclones, earthquakes (plus fire following), severe thunderstorm, winter storm, wildfire, volcanic eruption, meteorite impact, other perils (all including auto & renter policy flood losses) | 15 | $4.5B |
| U.S., Puerto Rico, U.S. Virgin Islands, D.C., Canada named storm and earthquake | 15 | $4.3B |
| US named storm, earthquake, severe weather, wildfire, volcanic eruption, meteorite impact (excl. Florida) | 9 | $4.3B |
| Medical benefit claims levels | 17 | $3.3B |
| Florida named storms | 23 | $3.1B |
| U.S. flood risk (from named storms) | 7 | $3.1B |
| Unknown property catastrophe risks | 96 | $3.1B |
| Florida hurricanes | 9 | $3.0B |
| Extreme mortality | 12 | $2.8B |
| US named storm | 11 | $2.5B |
| North Carolina named storm | 6 | $2.3B |
| Trigger Type | Deals | Total Issuance |
|---|---|---|
| Not disclosed | 1,245 | $234.1B |
| Deal | Sponsor | Size | Date | Perils | Rating | Spread |
|---|---|---|---|---|---|---|
| Kizuna Re III Pte. Ltd. (Series 2026-1) | Tokio Marine & Nichido Fire Insurance Co. Ltd. | $100.0M | 2026-03-01 | Japan earthquake | NR | N/A |
| Tremont Re Ltd. (Series 2026-1) | Plymouth Rock Assurance | $100.0M | 2026-03-01 | US named storm (Massachusetts, Connecticut only) | NR | N/A |
| Locke Tavern Re Ltd. (Series 2026-1) | The Andover Companies | $200.0M | 2026-03-01 | Northeast US named storm, severe thunderstorm, winter storm, earthquake | NR | N/A |
| Cape Lookout Re Ltd. (Series 2026-1) | North Carolina Insurance Underwriting Association | $400.0M | 2026-03-01 | North Carolina named storm | NR | N/A |
| Citrus Re Ltd. (Series 2026-1) | Heritage Property and Casualty Insurance Co. | $250.0M | 2026-03-01 | US northeast and Hawaii named storm | NR | N/A |
| Gateway Re Ltd. (Series 2026-2) | Auros Reciprocal Insurance Exchange, Interboro Insurance Company | $175.0M | 2026-03-01 | U.S. named storm, earthquake, severe thunderstorm, winter storm, wildfire (Initially: Florida, Louisiana, Mississippi, New York, South Carolina, Texas) | NR | N/A |
| Photon Re Ltd. (Series 2026-1) | Lumen Re Ltd. | $175.0M | 2026-02-01 | US, Canada named storm and earthquake | NR | N/A |
| Golden Bear Re Ltd. (Series 2026-2) | California FAIR Plan Association | $400.0M | 2026-02-01 | California wildfire | NR | N/A |
| Purple Re Ltd. (Series 2026-1) | Slide Insurance Company | $320.0M | 2026-02-01 | Florida, South Carolina, Rhode Island, New Jersey, New York named storm | NR | N/A |
| Integrity Re III Ltd. (Series 2026-1) | American Integrity Insurance Group | $260.0M | 2026-02-01 | Southeast US named storm | NR | N/A |
| Sanders Re III Ltd. (Series 2026-1B) | Allstate | $600.0M | 2026-02-01 | US named storm, earthquake, severe weather, wildfire, volcanic eruption, meteorite impact (excl. Florida) | NR | N/A |
| Veraison Re Ltd. (Series 2026-1) | GeoVera Insurance | $350.0M | 2026-02-01 | US earthquake | NR | N/A |
| Matterhorn Re Ltd. (Series 2026-1) | Swiss Re | $150.0M | 2026-02-01 | US, Canada named storm and earthquake | NR | N/A |
| Nature Coast Re Ltd. (Series 2026-1) | SafePoint Insurance Company | $250.0M | 2026-02-01 | U.S. named storm (Florida, Louisiana, Alabama, Mississippi, Texas) | NR | N/A |
| Gateway Re Ltd. (Series 2026-1) | SureChoice Underwriters Reciprocal Exchange, Elevate Reciprocal Exchange, SafeChoice Insurance Company | $670.0M | 2026-02-01 | US named storm, earthquake, severe thunderstorm, winter storm, wildfire | NR | N/A |
| Sanders Re IV Ltd. (Series 2026-1A) | Allstate | $600.0M | 2026-02-01 | US named storm, earthquake, severe weather, wildfire, volcanic eruption, meteorite impact (excl. Florida) | NR | N/A |
| Windrose Re Ltd. (Series 2026-1) | Integral Reinsurance Ltd. | $275.0M | 2026-02-01 | US named storm | NR | N/A |
| Home Re 2026-1 Ltd. | MGIC Investment Corporation | $323.5M | 2026-01-01 | Mortgage insurance risks | NR | N/A |
| Vitality Re XVII Ltd. (Series 2026) | Aetna | $250.0M | 2026-01-01 | Medical benefit claims levels | NR | N/A |
| Seaside Re (Series 2026-41) | Unknown | $20.0M | 2026-01-01 | U.S. property catastrophe risks | NR | N/A |
ILS deal data is compiled from public sources including offering circulars, rating agency reports, and market participant disclosures. Deal sizes are reported in USD (converted at issuance date rates where originally denominated in other currencies). Sponsor attribution reflects the cedent or sponsoring insurer. Peril classifications are based on the primary covered event. The database is updated on a rolling basis as new deals are priced.
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Last updated: 2 March 2026