ILS report card: fourth quarter and full year 2015

144A property and casualty (P&C) catastrophe bond primary issuance levels were uncharacteristically low in the fourth quarter, with an aggregate notional of $1.425 billion of 144A P&C catastrophe bonds issued, benefiting five sponsors. The 2015 full year primary issuance of 144A P&C catastrophe bonds totalled $5.917 billion from 25 transactions, benefiting 24 sponsors. 144A P&C risk capital outstanding as of December 31, 2015 totalled $22.640 billion, 0.56 percent lower than 2014’s all-time high in the 144A P&C catastrophe bond market (see Chart 1).

Already registered?

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Adrian Tapping at atapping@newtonmedia.co.uk

More on this story

Alternative Risk Transfer

Peak Re sees sidecars widening opportunities in alternative capital

10 September 2026 Record capital is putting pressure on ILS pricing, but a market still heavily concentrated on US catastrophe risk is creating opportunities for investors seeking diversification, says Peak Re’s Iain Reynolds.

Alternative Risk Transfer

Gallagher’s Arthur Re gets traction as ILS reaches new heights

10 September 2026 As ILS reaches new heights in terms of issuance and innovation, Gallagher Securities is ready for the opportunity, partly through Arthur Re.

Alternative Risk Transfer

Forward-exit and standardisation could exponentially boost casualty ILS

8 September 2026 Defined duration, tenor, limits and wordings key for diversification and uptick.