The number of with at least $500 million in risk capital outstanding across in-force cat bond arrangements has risen by approximately 46% in just one year, as the roster of sponsors in the cat bond market continues to expand alongside this year’s rapid issuance activity.The onboarding of new and first time sponsors to the catastrophe bond market has been an imperative for growth of the sector and the market has been at an impressive rate.When we last reported on back in January, the data showed that .At that time, back in January 2025, our cat bond sponsor leaderboard featured 110 sponsor names, which was an increase of more than 40 since the fourth-quarter of 2021.

Now, as the market enters its typical hurricane season lull and after a record period of new catastrophe bond issuance, the number of sponsors named in our leaderboard has risen to 118, thanks to more first-time sponsors coming to market in 2025.But, not only is the roster of sponsors in the cat bond market increasing, so too is the number that become repeat sponsors and transfer more of their risk to the capital markets using the Rule 144A securitization structure.This is evidenced by significant growth in the number of sponsors in our leaderboard with at least $500 million in catastrophe bond protection outstanding.

One year ago, we only had 22 sponsor entries in our leaderboard that each had $500 million or more in cat bond protection in-force.Today this number has increased by 46%, with now 32 sponsor entries in our catastrophe bond sponsor leaderboard that have more than $500 million of cat bond risk capital outstanding at this time.Impressively, 31 of these 32 sponsors that have over $500 million of risk capital outstanding have more than one issuance outstanding at this time.

In fact, the only cat bond sponsor with just a single outstanding deal of more than $500 million in size is US insurer Travelers, who is in fact a repeat sponsor and has been accessing the cat bond market for reinsurance protection since at least 2007.So it isn’t just larger deals that are making the difference here.It is the increasing tendency for a first-time cat bond sponsor to become a repeat visitor to the market, as they realise the benefit of a diversified and efficient source of reinsurance capacity, that is helping to drive this metric.

Which is of course a meaningful driver for market expansion, as the catastrophe bond sector thrives on both introducing first-time sponsors and turning them into repeat cat bond sponsors as well.It’s also worth noting that at the top of there are now three companies with more than $3 billion in cat bonds outstanding, Allstate, Florida Citizens and State Farm.A year ago, Allstate topped the list with just over $2.6 billion of cat bond risk capital outstanding, while only five sponsors exceeded $2 billion of cat bonds in-force at that time.

Now, there are seven sponsor names with more than $2 billion of cat bonds in-force and eleven that exceed the billion dollar mark.The way our has evolved over time reflects a growing and healthy marketplace, with an increasing number of overall sponsors utilising catastrophe bonds, as well as more of those sponsors becoming repeat visitors to the market..

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.

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