DCM Perspectives Series: Insurance Capital Markets - North America and Europe

Insurance companies were active issuers of senior notes in 2025. In addition, insurance companies, including a number of first-time issuers, turned to P-CAPs transactions. P-CAPs offer flexibility for their issuers, which may be useful in addressing acquisition opportunities or in addressing volatile markets. Funding agreement backed note issuance reached record levels, raising some questions whether these elevated volumes are sustainable. European insurance issuance reached record highs with RT1 and T2 issuance leading, will demand for these instruments continue?

Additional Speakers 

Jamie Tucker
Senior Director - North America
Fitch Ratings

Federico Faccio
Senior Director - EMEA
Fitch Ratings