Insurance Sector Trends: Senior Notes and Regulatory Issuances in 2025

In 2025, the insurance sector experienced a surge in the issuance of senior notes, marking the first participation of several companies in these transactions. Additionally, insurers increasingly utilized private capital alternative placements (P-CAPs) to navigate market volatility and acquire assets flexibly. The unprecedented levels of funding agreement-backed notes raised questions concerning the long-term sustainability of these high volumes. Concurrently, European insurers witnessed significant regulatory Tier 1 (RT1) and Tier 2 (T2) issuances, highlighting the demand for these financial instruments.

Industry Insights

Industry experts such as Jamie Tucker, Senior Director for North America at Fitch Ratings, and Federico Faccio, Senior Director for EMEA at Fitch Ratings, offer valuable perspectives on these developments. Insurers and stakeholders can reach out to Hanson Hairihan at Mayer Brown for further information at hhairihan@mayerbrown.com or +1 212 506 2488.

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