Q3 2025 Catastrophe bond & ILS market report : Market on track for first 20 bn+ year after above-average Q3

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      <subfield code="a">Intro -- Transaction recap -- Private cat bonds and casualty sidecars gaining momentum in ILS space: Brad Adderley, Appleby -- Q3 issuance by type -- Q3 issuance by trigger -- Q3 issuance by peril -- Insurance & reinsurance -- Q3 issuance by spread pricing -- Q3 issuance by expected loss -- Multiple and spread above expected loss by quarter -- Private ILS issuance -- Issuance size and spread changes -- Issued / outstanding to September 30th 2025 -- Upcoming maturities by quarter -- Nine-month issuance by type -- Nine-month issuance by spread pricing -- Nine-month issuance by expected loss -- Nine-month expected loss & multiple year-on-year -- Nine-month issuance by trigger -- Nine-month issuance by peril -- Nine-month transactions & volume issued by month</subfield>
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      <subfield code="a">The Q3 2025 Catastrophe Bond & ILS Market Report highlights a record-breaking year for the insurance-linked securities (ILS) market, with $18.6 billion issued in the first nine months and expectations to surpass $20 billion by year-end. The quarter saw $1.036 billion in new risk capital from 23 transactions, dominated by privately placed cat bond lite deals. While Rule 144A property catastrophe bonds contributed significantly, private deals gained momentum, reflecting growing interest from new sponsors and investors. Pricing dynamics indicate a softening market, with lower multiples and tighter spreads compared to previous years. Despite maturities slightly outpacing issuance in Q3, the overall market size remains near historic highs. The report also notes a shift in trigger structures and peril coverage, with strong demand for U.S. risks and limited issuance for non-catastrophe exposures like cyber or mortgage ILS. Overall, the market shows resilience and growth, driven by diversification, investor appetite, and evolving risk transfer strategies</subfield>
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