Two new catastrophe bonds were listed this week on the Bermuda Stock Exchange as the market hurtles past another record year of issuance.

Already at nearly some $17.9 billion for 2025, annual catastrophe bond issuance has exceeded the $17.69 billion set as a record last year, said Artemis.bm.

It added: “We now look forward to seeing the $20 billion issuance milestone being reached for the first-time in the catastrophe bond market’s history.

“It seems inevitable, with the only eventualities that could derail the cat bond market from achieving such heights this year likely a really meaningful market dislocation, or a series of major catastrophe loss events.“

The catastrophe bond and insurance-linked securities risk capital outstanding is now $57 billion, after a busy second quarter, as outlined in Artemis’sCatastrophe Bond and ILS Market Report.

One of the latest is a $25 million Eclipse Re Ltd (Series 2025-2A) private catastrophe bond arrangement from the Bermudian-domiciled special purpose insurer and segregated account platform Eclipse Re.

Artemis.bm says Eclipse Re Ltd is owned and operated by insurance-linked securities market facilitator and service provider Artex Capital Solutions.

The speciality website outlined: “Eclipse Re is used for issuing private catastrophe bonds to help sponsors access the capital markets efficiently and also provides a function as a risk transformation structure, operating on behalf of ILS fund managers and investors.”

The second out of Bermuda is a new $9.525 million LI Re 2025-1 private catastrophe bond. Hannover Re, the German global reinsurer, has used its Bermudian-domiciled reinsurance transformer vehicle Kaith Re Ltd.

The issues are listed in Artemis Catastrophe Bond and ILS Market Deal Directory.

But Artemis said: “We now look forward to seeing the $20 billion issuance milestone being reached for the first-time in the catastrophe bond market’s history.

“It seems inevitable, with the only eventualities that could derail the cat bond market from achieving such heights this year likely a really meaningful market dislocation, or a series of major catastrophe loss events.

“It’s also impressive to note that the annual record for catastrophe bond issuance, of over $17.8 billion, has been set with so far 74 individual cat bond transactions tracked in 2025 to-date by Artemis.

“Last year’s record level of issuance was set by 95 cat bond transactions, which shows that not only is issuance rising but average deal sizes are too this year.

“The average deal size for 2024 cat bond issuance stood at $190.26 million. But in 2025, so far, the average deal size has risen by almost 27 per cent to $240.73 million.”