Israel-based Migdal Insurance Company will issue $100 million Turris Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from earthquakes that affect Israel on an indemnity and per-occurrence basis. [Source: Artemis.bm]

[November 17, 2025] U.S.-based Hartford is looking to issue at least $270 million Foundation Re IV Ltd. (Series 2026-1) single-tranche four-year catastrophe (CAT) bonds. They will cover losses from U.S. named storms and earthquakes, including for D.C. and Puerto Rico, on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

[November 10, 2025] U.K.-based Beazley is looking to issue at least $200 million PoleStar Re Ltd. (Series 2026-1) three-tranche three-year cyber catastrophe (CAT) bonds. They will cover losses from major cyber loss events that impact its underwriting entities on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

[November 14, 2025] U.K.-based Beazley is looking to issue at least $100 million London Bridge 2 PCC Limited (Fuchsia 3 – 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storm and earthquake events that impact the United States, Canada and certain parts of the Caribbean, on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

U.S.-based Progressive is looking to issue at least $70 million Bonanza Re Ltd. (Series 2025-1) single-tranche one-year catastrophe (CAT) bonds. They will cover losses from U.S. named storms, earthquakes (fire-following only), severe thunderstorms, winter storms and wildfires on an indemnity triggered, annual aggregate basis. [Source: Artemis.bm]

The North Carolina Farm Bureau will issue $500 million Blue Ridge Re Ltd. (Series 2025-1) four-tranche three-year catastrophe (CAT) bonds versus an original $325 million target. All four tranches of notes feature an indemnity trigger. One ($100 million) tranche will cover named storms that hit North Carolina on a per-occurrence basis, two ($150 million) tranches add severe thunderstorms on a per-occurrence basis, and a fourth ($100 million) tranche adds winter storms to the list but on an annual aggregate basis. [Source: Artemis.bm]

U.S.-based Cincinnati Insurance Companies is looking to issue at least $150 million Skyline Re II Ltd. (Series 2025-1) single-tranche four-year catastrophe (CAT) bonds. They will cover losses from U.S. named storms, earthquakes, severe weather and fires on a per-occurrence and indemnity trigger basis. [Source: Artemis.bm]

The 144A catastrophe bond market achieved a major milestone in 2025, reaching $20 billion in annual issuance for the first time, with the total including private deals now at $20.62 billion. This record reflects strong investor demand and active market participation, with notable deals like California Earthquake Authority’s $770 million Ursa Re II Ltd. and Mapfre Re’s €125 million Recoletos Re DAC contributing to the total. The issuance pipeline remains strong, with another $2.57 billion expected to settle before year-end. Outstanding risk capital across all cat bonds is at its highest, over $57.86 billion, following significant growth since 2024. Property catastrophe risks continue to drive market expansion, making 2025 a landmark year and setting a challenging benchmark for future issuance levels. November 2025 is already the busiest month ever for new issuance, highlighting the continued efficiency of cat bonds as a source of reinsurance capital. [Source: Artemis.bm]

Hannover Re is looking to issue at least $200 million 3264 Re Ltd. (Series 2025-3) two-tranche three-year catastrophe (CAT) bonds. A targeted $100 million Class A tranche will cover losses from named storm and earthquake cover across North America for the U.S. and Canada on an annual aggregate industry loss trigger basis. A targeted $100 million Class B tranche will provide two sections of cover, the first being Northeast US named storms on a per-occurrence basis, and the second being North American (U.S. and Canada) on an annual aggregate basis. [Source: Artemis.bm]

France-based Groupama is looking to issue at least €100 million Quercus Re II DAC single-tranche two-year catastrophe (CAT) bonds. They will cover losses from convective storms affecting France on an indemnity-triggered annual aggregate basis. [Source: Artemis.bm]

The Wolseley Group Retirement Benefits Plan completed a £600 million bulk-purchase annuity buy-in with Aviva plc in September 2025, thereby securing the remaining defined-benefit liabilities for nearly 10,000 scheme members.  The insurer now underwrites all remaining uninsured DB benefits in the Plan. 

The Brockhampton Pension Scheme has completed a full buy-in of approximately £40 million with Just Group plc, thereby securing the benefits of around 250 of its remaining uninsured members.  The transaction builds upon a previous 2019 pensioner-only buy-in and was advised by Lane Clark & Peacock LLP (LCP).  A notable feature of the deal is that Just has agreed to cover pension increases in line with the UK Government’s Pension Increase Review Orders (PIROs), which is uncommon outside of utility-sponsored and former civil-service schemes. [Source: PensionsAge]

The Millennium Inorganic Chemicals (UK) Pension Scheme has agreed a £30 million buy-in with Just Group, which completes its second transaction with that insurer.  With this deal the scheme’s benefits for all members are now insured. [Source: PensionsAge]

The Dolce Limited Retirement Benefits Scheme (DLRBS) has completed a £9.3 million buy-in with Just Group, securing the benefits of its 510 members following accrual closure in June 2025. The deal was executed rapidly – in just three months. [Source: PensionsAge]

The BBC Pension Scheme completed a £6 billion longevity swap transaction with Zurich Assurance and Metropolitan Life Insurance Company, covering approximately 21,000 members and representing the scheme's second such arrangement with Zurich following a £3 billion deal in 2020. The combined transactions now hedge longevity risk associated with nearly all of the scheme's pensioner and dependent liabilities, protecting both the scheme and the BBC as sponsor against increased costs should members live longer than actuarial projections.Under the structure, the trustee retains investment control, flexibility, and security while transferring the demographic risk, with Zurich acting as intermediary and MetLife providing reinsurance capacity. The transaction ranks as the sixth largest longevity swap executed in the UK market Corporate Adviser. [Source: Pensions Expert]

Eclipse Re Ltd. will issue $100 million Eclipse Re Ltd. (Series 2025-8A) single-tranche one-year catastrophe (CAT) bonds. Total private cat bond "lite" issuance in 2025 now stands at $626.51 million year-to-date, ahead of 2024’s $455.52 million and closing on 2023’s $641.93 million. [Source: Artemis.bm]

The California Earthquake Authority (CEA) will issue $770 million Ursa Re II Ltd. (Series 2025-2) two-tranche catastrophe (CAT) bonds, versus the original $600 million target. There will be a $270 million four-year tranche and a $500 million two and a half-year tranche. They will cover losses from California earthquakes on an indemnity trigger and annual aggregate basis. [Source: Artemis.bm]

Spain-headquartered Mapfre Re will issue €125 million Recoletos Re DAC (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds, versus the original €100 million target. They will cover losses from European windstorms on an annual aggregate territory weighted and industry loss trigger basis. [Source: Artemis.bm]

Spain-headquartered Mapfre Re is looking to issue at least €100 million Recoletos Re DAC (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from European windstorms on an annual aggregate territory weighted and industry loss trigger basis. [Source: Artemis.bm]

American Family Mutual Insurance Company is looking to issue at least $150 million Four Lakes Re Ltd. (Series 2025-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from U.S. named storm, earthquake, severe thunderstorm, winter storm and wildfire events on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

Defense contractor RTX Corp. is transferring $2.5 billion in pension obligations to Prudential Insurance Company of America, representing one of the year's largest pension risk transfer deals. The annuity contract covers approximately 60,000 retirees and beneficiaries, about a third of RTX's total pension plan participants. The contract will result in a $300 million settlement charge for RTX. The move is part of RTX’s ongoing effort to de-risk its pension plan, which remains in surplus. This follows a similar transfer in 2018, when RTX offloaded nearly $1 billion in pension liabilities to Prudential. [Source: Chief Investment Officer]

Sun Life Financial Inc. has completed two annuity buy-in transactions totaling C$114 million, securing pension benefits for over 700 former employees of Fraser Papers Inc. This agreement ends uncertainty for plan members whose pensions were affected by Fraser Papers' 2009 insolvency and concludes the associated legal process. [Source: Sun Life]

The Laurel Pub Pension Scheme and the Yates Group Pension Scheme, affiliated with Stonegate Pub Company, have completed buy-in transactions with Utmost Life and Pensions, securing a combined £62 million to cover the defined benefit liabilities for all 650 members. [Source: PensionsAge]

Liberty Mutual Insurance is looking to issue at least $125 million Mystic Re IV Ltd. (Series 2026-1) three-tranche three-year catastrophe (CAT) bonds. They will cover losses from U.S., Canadian and Caribbean named storms, earthquakes, severe weather and wildfires on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

The California FAIR Plan Association is looking to issue at least $250 million Golden Bear Re Ltd. (Series 2026-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from California wildfire losses on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

U.S.-based Farmers Insurance Group is looking to issue at least $300 million Topanga Re (Series 2025-1) two-tranche four-year catastrophe (CAT) bonds. They will cover certain losses from named storms, earthquakes, severe weather and wildfires affecting the United States on a per-occurrence and indemnity trigger basis. [Source: Artemis.bm]

U.K.-based Just Group completed two full scheme buy-ins totaling £70 million for The DFDS Group UK Pension Scheme and The DFDS Logistics Pension Scheme, both sponsored by shipping and logistics company DFDS. Finalized in July 2025, these transactions secure the pension benefits of approximately 980 members—split between 394 pensioners and 374 deferred members in the DFDS Group scheme (£53.7 million), and 115 pensioners and 96 deferred members in the Logistics scheme (£16.7 million). [Source: Professional Pensions]

U.K.-based Legal & General (L&G) has completed a £96 million buy-in with the Cosworth Racing Limited Pension Fund, securing the pension benefits for over 1,000 retirees and deferred members. The fund is sponsored by Ford Motor Company. [Source: L&G]

Canada Life has completed a third and final pension scheme buy-in worth £41 million with U.K.-based beverage manufacturer A.G. Barr. This transaction secures the future benefits of 300 members of A.G. Barr’s defined benefit pension scheme, covering 160 deferred members and 140 pensioners. Building on earlier buy-ins in 2016 and 2018, this deal finalizes the scheme’s de-risking journey. [Source: Canada Life]

One William Street Capital Management will issue $135 million Meadows Ltd. (Series 2025-1) three-tranche four-year catastrophe (CAT) bonds, versus the original $125 million target. They will cover losses from U.S. named storms (with a few nuances - see below) on an industry-loss trigger on a per-occurrence basis on two of the tranches ($55 million Class A and $50 million B tranches) and on an annual aggregate basis on the $30 million Class C tranche. The Class B tranche covers storms across the United States excluding Florida, the Class A tranche covers only Florida, Puerto Rico and the US Virgin Islands, and the Class C tranche adds Florida, Georgia, North and South Carolina to the A tranche list. [Source: Artemis.bm]