The Mangrove Risk Solutions private insurance-linked securities (ILS) platform operated by Marsh McLennan and reinsurance broker Guy Carpenter has issued another private cat bond lite deal, as a roughly $22.43 million Mangrove Risk Solutions Bermuda Ltd. (Series 2025-C1) transaction has come to market, Artemis has learned.
This private catastrophe bond is the seventh issuance of a cat bond lite that we’ve seen come out of the Mangrove Risk Solutions Bermuda Ltd. platform.
It is also the third deal to come from the Mangrove platform so far in 2025.
The platform had issued a $102.5 million Series 2025-A private cat bond that we learned about in July, which was the largest we’ve seen from Mangrove so far, as well as in June a smaller $6.25 million Series 2025-D2 issuance.
Mangrove Risk Solutions Bermuda Ltd. was launched as a new private ILS and cat bond lite platform early in 2024, when Marsh renamed its longer-standing private cat bond platform Isosceles Insurance Ltd.
This latest series of privately placed insurance-linked securities (ILS) issued by Mangrove Risk Solutions Bermuda Ltd. is a Series 2025-C1 deal.
Mangrove Risk Solutions Bermuda Ltd. has issued just slightly under $22.43 million of discounted zero-coupon participating notes, on behalf of one of its segregated accounts named 2025-C1.
The notes have been sold in a private placement to qualified investors, while the collateral raised is expected to underpin a reinsurance or retrocession agreement that the segregated cell and trust are subject to.
The $22.43 million of Series 2025-C1 private cat bond notes Mangrove Risk Solutions has issued are due for maturity on June 12th 2026, we understand.
The maturity date suggests this could be a reinsurance or retrocession deal from the mid-year renewals that has been transformed and securitized, or a freshly arranged reinsurance or retro deal with a term of just less than one year.
As with every private ILS or cat bond deal, until we learn more details we assume these cover property catastrophe reinsurance or retrocession risks.
Private ILS or cat bond lite arrangements usually fit into one of a number of use-cases. Either as a straight collateralised reinsurance or retro cover for a carrier, that has been transformed and securitised, to be assumed by a single ILS fund or investor, or for a small group of funds/investors, or, ILS fund-to-fund transactions (hedging), or the transformation to securities of a specific risk transfer arrangement, such as an industry-loss warranty (ILW).
Guy Carpenter’s specialist capital markets and investment banking unit GC Securities is presumed to have structured the transaction and acted as a bookrunner or placement firm for this latest Mangrove Risk Solutions private ILS transaction.
Marsh Management Services will have acted as the insurance manager for the structure itself, as has been seen with all the previous issuances under the Mangrove structure and its former Isosceles name.
Being a Bermuda insurance-linked securities (ILS) structure, these private cat bond notes have been listed on the Bermuda Stock Exchange (BSX), enhancing their liquidity, while Appleby has acted as their listing sponsor.
With this latest $22.43 million private catastrophe bond from Mangrove Risk Solutions, private cat bond and ILS issuance tracked by Artemis has now reached $360.26 million for 2025 so far.
For the Mangrove Risk Solutions, this new issuance lifts the deal volume we’ve seen from the platform to $131.18 million year-to-date.
Private cat bond issuance has climbed through the last couple of months, lifting the 2025 total more onto a similar run-rate as other recent years, but still well-behind bigger years such as 2021 and 2017 when private cat bond issuance we tracked surpassed the billion dollar mark.
You can analyse private cat bond issuance by year in our chart that breaks down all our tracked issuance by type here.
2017 was the record year for private cat bonds tracked by Artemis, at just over $1.12 billion of issuance recorded.
Read more about this new Mangrove Risk Solutions Bermuda Ltd. (Series 2025-C1) issuance of private catastrophe bonds in our extensive cat bond Deal Directory.
You can filter our Deal Directory to view only private cat bond deals.
