GC Securities, the investment banking and capital markets unit of reinsurance broker Guy Carpenter, worked on a record number of catastrophe bonds in the first-half of 2025, according to the broker’s CEO Dean Klisura.Speaking today during a second-quarter earnings call for parent company Marsh McLennan, Guy Carpenter CEO Klisura explained that the reinsurance broker’s strong growth was helped by the high levels of activity seen in the catastrophe bond market, as well as across insurance-linked securities (ILS) and third-party capital raising.Earlier in the earnings call, John Doyle, President and Chief Executive Officer of Marsh McLennan, mentioned the catastrophe bond market’s accelerated level of activity in 2025.Doyle commented on Q2 activity for the broker, “A moderate increase in client demand was offset by reinsurers increasing capacity, as well as increased cedent cat bond issuance.

“The cat bond market is on pace for a record year of issuance, with over 50 new bonds in the first-half, involving approximately $17 billion of limit.” Later in the call, Guy Carpenter’s CEO Klisura went into more detail.He explained, “New business is very strong, it’s strong, and it’s balanced across our platform.“As John noted, significant ILS activity, with record cat bond growth in the quarter.

Guy Carpenter participated in 14 cat bond issuances in the quarter and 23 year-to-date, which is a record for Guy Carpenter.” Here, we assume, Klisura is referring to the GC Securities unit’s activities in the catastrophe bond market, where it is one of the leading structuring, arranging and bookrunning specialists for cat bond issuances.Looking at the Artemis leaderboard of catastrophe bond banks and brokers, GC Securities currently sits in second place, with an impressive over $21.72 billion of cat bond risk capital currently outstanding that the unit has worked on.That risk capital outstanding comes from currently 87 outstanding cat bond deals we’ve tracked that GC Securities has provided its services to.

Looking back roughly one year, around the mid-point of 2024 GC Securities was associated with just over $16.22 billion of outstanding cat bonds from from 72 deals.So, over the last year the figure has jumped by $5.5 billion in risk capital outstanding and 15 more cat bond transactions, as GC Securities has expanded its business alongside the recent cat bond market growth spurt.Klisura also referenced some of the Guy Carpenter Capital Advisory services, including where it assists re/insurers in raising third-party capital, often for reinsurance purposes just as much as for more traditional capital raising needs.

Klisura said, “We continue to see new opportunities in our capital and advisory practice.In the quarter, we won several mandates to raise third-party capital for clients large and small in the US and London, a number of well known MGAs in particular.And we’re winning M&A mandates, providing M&A advice and supporting activities for a number of those clients.” Finally, Klisura also highlighted that despite demand for property catastrophe reinsurance easing up at the mid-year renewals, Guy Carpenter placed more limit for its clients.

“Property cat demand did ease up at the mid-year renewal.We sold an additional $5 billion of property cat limit through the mid-year renewals, helping to drive the drive the top line and we feel really good about our talent,” Klisura said.“As John noted, we’re attracting top talent in the market, and we’ve got a great, balanced organisation.

We feel good about our prospects.”.All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.