With the catastrophe bond market pipeline growing for the fourth-quarter, Artemis is on course to track its first $20 billion year of issuance in 2025, as our extensive and long-standing data set of Rule 144A and private cat bond transactions now has that milestone in sight.The $20 billion of issuance in a single calendar year milestone will set a meaningful new benchmark for the catastrophe bond market.It’s now almost 29 years since we began collecting information on catastrophe bond issuances, having seen our first in December 1996 and attempted to track every deal we can source details of since.Never before has Artemis seen and tracked information on more than $20 billion of cat bond issuance, across the main Rule 144A securitizations and privately placed cat bond deals.

At this stage of November we’ve now tracked and reported on over $19.47 billion of new catastrophe bond issuance that has already settled.Of that figure, $18.95 billion are Rule 144A catastrophe bonds, while we’ve also tracked nearly $527 million in private cat bonds year-to-date in 2025.Including the pipeline, currently amounting to $835 million of new catastrophe bonds that are still in their offering phase and yet to settle, .

We understand that many in the market only track 144A catastrophe bonds given they are more typically the type of transaction invested in by dedicated cat bond funds.We track private cat bonds as well as there are also funds and investors that do not differentiate so much and find it helpful to have a fuller picture of market activity.With settled Rule 144A catastrophe bond issuance already having reached $18.95 billion this week, the entire pipeline of currently $835 million is also in 144A cat bond format.

So our latest projection for 2025 issuance of Rule 144A cat bonds currently stands at just over $19.78 billion.So the 144A cat bond market is also almost certain to surpass the $20 billion of issuance mark in just a few weeks, well in advance of the end of the year.We continue to be told by sources in the broker-dealer and structuring community that the pipeline is looking healthy, so the $20 billion milestone could be meaningfully surpassed this year for Rule 144A cat bonds only.

That will set a high benchmark for the cat bond market to continue to strive to meet.But market activity continues to accelerate as the insurance-linked securities (ILS) investor base expands and the insurance and reinsurance industry continue to more deeply embed cat bonds within their reinsurance towers.In fact, if we look back at , the first year to see over $5 billion of issuance was back in 2007, then the first $10 billion year was in 2017, which means the pace of doubling of issuance is accelerating over-time, as catastrophe bonds become increasingly mainstream as reinsurance and risk transfer instruments.

.We track , the most prolific sponsors in the market, most active , which risk modellers feature in cat bonds most frequently, plus much ., or via the Artemis Dashboard which provides a handy one-page view of cat bond market metrics.

All of these are updated as soon as a new cat bond issuance is completed, or as older issuances mature..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

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