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Years Deals

Twenty-five years,twenty-five deals.

2001 – 2026

ILS market size

A market we helped build

When the Insurance-Linked Securities (ILS) market was just over $2 billion in size in 2001, John and Nelson Seo founded Fermat with the vision that capital markets could, and should, play a role in absorbing society’s most systemic catastrophe risks.

The ILS market size reached $144.5 billion as of 30 June 2026 (source: Aon Securities).

25 deals that defined a market

Drawing on the Artemis Deal Directory, Fermat filtered through the hundreds of deals that have come to market since 2001, to select 25 notable ones that trace how Insurance-Linked Securities (ILS) grew from a niche novelty into a resilient, global asset class.*

Select any deal to read our commentary on why it mattered.

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2001 2026
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Fermat’s perspective

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 Source · Artemis deal directory

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*We used our “lead investor” definition—an investor allocated 20% or more of a primary issuance—as a helping criterion to select the 25 deals. In all but one of them we were a “lead investor”.

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Fermat by the numbers

25 years of learning
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Fermat by the numbers

25 years of learning

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Fermat’s contribution to the market

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$60bn+
Notional ILS traded
Each node = $10bn
350+
Deals as lead investor*
Each square = 1 deal
~17,500
Primary & secondary trades
Each dot = 1 tradeEach dot = 10 tradesEach dot = 100 trades

*An investor allocated 20% or more of a primary issuance

2 founders, 25 years

In 2001, two brothers John and Nelson Seo co-founded Fermat Capital Management in Westport, CT.

“When Nelson and I founded Fermat 25 years ago, catastrophe bonds were still a young market. It has been both fascinating and gratifying to watch this market develop, participate in its expansion, and, of course, grow along with it. The market sits at the intersection of finance, insurance, science, nature, and technology, so you never stop learning. More than anything, I’m proud of the people and the institution we’ve built here at Fermat.”
Co-Founder and Managing Director
“It's difficult to imagine that it's been 25 years, but it does make sense when thinking about all the incredible changes and developments that have happened in the catastrophe bond market and our company since we started Fermat. We are grateful to our investors, our employees, and our business relationships—many of whom have been with us for the majority of our history—and look forward to the next 25 years.”
Co-Founder and Managing Director

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