According to Artemis, issuance of catastrophe bonds and related insurance-linked securities (ILS) reached $6.7 billion in the first quarter of 2026, with 35 repeat sponsors and three first-time sponsors entering the market in the first quarter, setting a record number of transactions.
Artemis’ first quarter 2026 Cat Bond and related ILS market report is now available for free download. The report dissects the second-largest first-quarter issuance volume in market history, with record-breaking momentum continuing into 2025.
Of the $6.7 billion in quarterly issuances, $6.0 billion were traditional 144A real estate catastrophe bonds, which, along with $385 million in transactions covering non-catastrophe risks, brought total Rule 144A issuance to $6.4 billion during the period. While that number is strong, it’s still below the first-quarter record of $7 billion in such deals set in 2025.
While the vast majority of these transactions were sponsored by repeat cat bond market players, ILS manager-backed Integral Reinsurance as well as Lumen Re and Plymouth Rock Assurance sponsored their first transactions in the first quarter of 2026.
There were also $278 million of smaller catastrophe bonds issued during the quarter, known as private placements, all of which covered property catastrophe risk except for another $35 million cloud outage risk deal from Hannover Re.
In the first three months of 2026, new issuance exceeded maturities, causing the market to grow 4% from the end of 2025 to $63.9 billion at the end of March 2026, the largest ever outstanding catastrophe bond market size at the end of a quarter.
With $7.3 billion scheduled to mature between April and the end of June, an above-average second quarter will be needed to sustain market growth in the first half of the year, Artemis data shows. Currently, the extensive Artemis deal catalog already has more than $2 billion of issuances planned for April, so there is a good chance that second-quarter issuances will exceed maturity dates.
Download the Artemis Q1 2026 Cat Bond and Related ILS Market Report to gain insight into issuance trends during the quarter, including triggers, risks, maturities and pricing dynamics for notes issued.
