Conning Examines the Next Phase of Growth in Property Casualty Alternative Capital

HARTFORD, Conn., May 5, 2026 /PRNewswire/ -- Conning has released its latest research study, "Property-Casualty Alternative Capital and the Next Wave of Growth", examining how alternative capital has evolved from a niche supplement into a core, scalable source of capacity across property casualty insurance and reinsurance markets.

The study analyzes the growth, structure, and performance of alternative capital, highlighting record catastrophe bond issuance, shifting sponsor dynamics, and the continued rise of indemnity triggers. It also explores the expansion of structures such as MGA sidecars and emerging platforms like London Bridge 2, alongside the increasing role of captives as strategic risk financing tools.

"Alternative capital has become a durable, repeatable source of property casualty capacity, reflecting a market that has moved well beyond its early, opportunistic roots," said Richard Sbaschnig, Director of Insurance Research at Conning and an author of the study. "While the near term backdrop remains constructive, the moderation of traditional tailwinds is shifting the focus toward how effectively these structures can expand into new risk areas and support more complex exposure."

The research highlights casualty, cyber, and data center related risks as key areas where rising exposure, aggregation concerns, and investor demand could support further alternative capital deployment, although barriers to widespread adoption remain. It also examines how innovation in modeling, trigger design, exit structures, and governance is reshaping both investor participation and sponsor behavior.

Conning's "Property-Casualty Alternative Capital and the Next Wave of Growth", is available for purchase here, or to request a copy of the full report or by calling (888) 707-1177.

About Conning

Conning (www.conning.com) is a leading investment management firm with a long history of serving the insurance industry. Conning supports institutional investors, including insurers and pension plans, with investment solutions, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe, and North America. Conning is part of Generali Investments Holding S.p.A.

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