Cat Bonds
$6 billion, or 90% of Q1 2026 issuances were traditional 144A cat bonds, which, although down on last year’s record $6.3 billion, is the second largest Q1 and the seventh largest quarter ever for these types of deals. Traditional 144A cat bond issuance has averaged $3.5 billion over the past 10 years, so in 2026, it is roughly $2.5 billion above average.
In Q1 2026, Aetna returned with a $250 million healthcare transaction, and the UK’s Pool Responsored another terrorism risk deal, sized at $134.5 million. Together, the $384.5 million of other ILS issuance took total Rule 144A issuance in the quarter to roughly $6.4 billion, which again, is very strong but below the Q1 record set in 2025 of $7 billion. For both 144A cat bond and total 144A issuance, the record for a single quarter is $10.5 billion in Q2 2025.
Source: Artemis Q1 2026 Cat Bond & ILS Market Report