David Flandro of reinsurance broker Howden Re expects alternative, or third-party capital’s important role in the catastrophe space, and increasingly in casualty / specialty lines, to continue. Flandro, Managing Director, Head of Industry Analysis and Strategic Advisory at Howden Re, discussed the third-party reinsurance capital space in a recent video interview with our sister publication, Reinsurance News, now available to watch in full. Record cat bond issuance, together with the recent resurgence of the sidecar space, and the robust collateralized reinsurance segment, has seen ILS capital become an increasingly important component of the dedicated reinsurance capital base. In 2025, it went up even more, and that’s a sign of the alternative capital markets finding new underwriting channels,” he said. As mentioned, alternative capital is now increasingly finding its way into non-catastrophe lines, notably casualty, which Flandro noted is an entirely different proposition.