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The carrier anticipates a substantial opportunity in cyber, and cyber and property ILS. -
The sponsor is the second dedicated ILS manager to issue a cat bond after One William Street.
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The two bonds offered are both replacing expiring deals.
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The breadth of strategies targeted by ILS start-ups signals where the industry is heading.
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The total yield is down 114bps from 9.94% compared to the final week of 2024.
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The broker deal has projected cat bond new issuance of $19bn-$21bn for 2026.
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The carrier first issued Phoenix in 2021 with a size of $42mn.
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The index returned 10.4% for the 11 months to the end of November.
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The Aon Cat Bond Total Return Index delivered gains of 11.6% in 2025.
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Investor appetite for bonds is exerting pressure on traditional retro providers, according to Gallagher Re.
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Both lower multiples and potential Fed rate cuts will pressure returns.
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New issuance will be supported by new sponsors as well as over $13bn in maturities.
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The ILS AuM in its flagship cat funds rose 13% over the half year to $6bn as of 31 October.
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The ILW segment shrank in 2025 to around $6bn, the broker estimated.
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Q2 was the largest quarter for issuance, with $9.6bn of limit placed.
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The transition reflects ongoing growth at Swiss Re’s ILS platform, the firm said.
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The placement showed investor preference for slightly riskier aggregate deal.
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The fund limits positions in aggregate structures exposed to secondary perils.
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Reinsurers could use retained earnings to target growth and buy more retro.
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Cat bond market growth has exceeded broker-dealers' 2025 forecasts by some distance.
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This was the second issuance completed by Farmers via its Bermuda reinsurance vehicle Topanga Re.
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The Italian asset manager also plans to relaunch its multi-strategy ILS fund.
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The finance committee discussed shifting market dynamics as tort reform takes effect.
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CA Fairplan’s Golden Bear Re deal upsized 200% to $750mn.
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