Another private catastrophe bond or private insurance-linked securities (ILS) arrangement has come to light from the Mangrove Risk Solutions platform, with this $4.95 million transaction now taking private issuance tracked by Artemis to over $440 million so far in 2025.The Mangrove Risk Solutions private insurance-linked securities (ILS) platform is operated by Marsh McLennan and reinsurance broker Guy Carpenter and this new private ILS deal is the fourth from this issuer we have seen this year.In total this private catastrophe bond is the eighth issuance of a cat bond lite that we’ve tracked from the Mangrove Risk Solutions Bermuda Ltd.platform.

So far in 2025, the platform had issued so far, as well as in June a smaller $6.25 million Series 2025-D2 issuance, and then most recently earlier this month.Mangrove Risk Solutions Bermuda Ltd.had been launched as a private ILS transformer and cat bond lite issuance platform early in 2024, when .

This new series of privately placed insurance-linked securities (ILS) issued by Mangrove Risk Solutions Bermuda Ltd.is a Series 2025-G deal.Mangrove Risk Solutions Bermuda Ltd.

has issued approximately $4.95 million of discounted zero-coupon Class E participating notes, on behalf of one of its segregated accounts named 2025-G.The $4.95 million of ILS notes have been sold in a private placement to qualified investors, while the collateral raised is assumed to underpin a reinsurance or retrocession agreement that the segregated cell and trust are subject to.The $4.95 million of Series 2025-G Class E private cat bond notes that Mangrove Risk Solutions has issued are due for maturity on June 12th 2026, we understand.

That maturity date suggests this could be a reinsurance or retrocession deal entered into around the mid-year renewals, that has since been transformed and securitized to provide it in a format investors wanted.Or it could be a freshly arranged reinsurance or retro deal with a term of less than one year.As with every private ILS or cat bond deal, until further details come to light we assume these cover property catastrophe reinsurance or retrocession risks.

Private ILS or cat bond lite arrangements typically fall into one of a number of use-cases.Either as a straight collateralised reinsurance or retro cover for a carrier, that has been transformed and securitised, to be assumed by a single ILS fund or investor, or for a small group of funds/investors, or, ILS fund-to-fund transactions (hedging), or the transformation to securities of a specific risk transfer arrangement, such as an industry-loss warranty (ILW).Guy Carpenter’s specialist ILS broker-dealer and investment banking unit GC Securities is likely to have structured the transaction and acted as a bookrunner or placement agent for this latest Mangrove Risk Solutions private ILS transaction.

Marsh Management Services will have acted as the insurance manager for the structure itself, as has been the case with all the previous issuances under the Mangrove structure and under its former name Isosceles.As a Bermuda domiciled insurance-linked securities (ILS) structure, these private cat bond notes have been listed on the Bermuda Stock Exchange (BSX), enhancing their liquidity, while Appleby has acted as their listing sponsor.Including this latest $4.95 million private catastrophe bond from Mangrove Risk Solutions, .

For the Mangrove Risk Solutions platform, this new issuance lifts the deal volume we’ve seen from it to $136.13 million year-to-date.Private cat bond issuance has been climbing through the last few months, lifting the 2025 total more onto a run-rate where it is now expected to surpass the prior year.But, it still lags well-behind bigger years such as 2021 and 2017 when private cat bond issuance tracked by Artemis had surpassed the billion dollar mark.

.2017 was the record year for private cat bonds tracked by Artemis, at just .Read more about this new  issuance of private catastrophe bonds in our extensive cat bond Deal Directory.

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