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Cat bond, ILS issuance hit $2.76B in Q1, Artemis says

The catastrophe bond and insurance-linked securities market continues to grow in 2017, as first-quarter issuance reached a record high for the fourth consecutive year, according to Artemis' catastrophe bond and ILS market report.

The cat bond and ILS issuance reached $2.76 billion during the first quarter, surpassing the 10-year average by about $1.4 billion. The new risk capital was brought to market from 25 tranches of notes via 14 deals. More than half of the tranches of notes were privately placed, the report said.

First-quarter issuance was dominated by indemnity trigger protection, with sponsors securing $1.62 billion of indemnity cover that accounts for about 69% of risk capital issued during the quarter.

The outstanding market size was $27.19 billion at the end of the first quarter, which is roughly $377 million higher than at the end of 2016, according to Artemis.