Artemis Live - Insurance-linked securities (ILS), catastrophe bonds (cat bonds), reinsurance

Epizodes

• 209: Expanding the ILS perimeter - New risks, new markets, new capital: ILS NYC 2026 27.04.2026 58min

  This podcast episode features another panel discussion that was held at the Artemis ILS NYC 2026 event, our tenth catastrophe bond and insurance-linked securities (ILS) conference in the ILS NYC series, held on February 6th 2026 in New York.This panel was focused on the expansion of the ILS asset class in terms of its product offerings, titled "Expanding the ILS perimeter: New risks, new markets, new capital."This expansion of the ILS asset class focused panel discussion was kindly moderated by Kathleen Faries, CEO, Artex Capital Solutions.She was joined on stage by: Joanna Syroka, Director of New Markets, Fermat Capital Management, LLC; Chris McKeown, Chief Executive, Reinsurance, ILS & Innovation, Vantage Risk; Danny Arnett, Managing Director, Insurance Linked Securities, Ryan Specialty Underwriting Managers; and Bob Forness, CEO, MultiStrat Group.Our panellists discussed the evolution and future prospects of the insurance-linked securities (ILS) market, highlighting its expansion from property catastrophe into casualty, specialty, and cyber lines.The discussion placed great emphasis on the importance of underwriting discipline, capital management, and alignment with investors, particularly in new market opportunities that are expected to grow, such as risk transfer for data centre projects and cyber insurance.The panellists also discussed the need for efficient operational infrastructure and the potential for ILS to become an increasingly tradable asset class.The fact protection gaps are much more prevalent than just in natural catastrophe risks was also pointed out, with opportunities emerging across many lines of insurance and reinsurance given the need for capital and capacity to support the traditional industries growth. While opportunities like the AI data centre build-out may present completely net-new chances for the ILS market to deploy its capital in time.On the casualty ILS side, speakers explained the need for transparency, alignment, and patience in managing longer-term risks.Listen to this podcast episode from our Artemis ILS NYC 2026 conference to learn more about the growing range of opportunities for investors, as the insurance-linked securities (ILS) asset class expands.
• 208: Catastrophe bonds - Maintaining an equilibrium in value, for sponsors & investors: ILS NYC 2026 09.04.2026 1h 3min

  This episode features another of our panel discussions at Artemis ILS NYC 2026, our tenth catastrophe bond and insurance-linked securities (ILS) conference in the ILS NYC series, held on February 6th 2026 in New York.This panel was focused on the catastrophe bond market segment and titled "Cat bonds: Maintaining an equilibrium in value, for both sponsors and investors."This cat bond focused panel discussion was kindly moderated by Philipp Kusche, Chairman HCMA Europe, Global Co-Head ILS, Howden Capital Markets & Advisory.He was joined on stage by: Stephan Ruoff, Co-Head of Private Debt & Credit Alternatives, Chairman ILS, Schroders Capital; Michael Bennett, Global Head Market Solutions & Structured Finance, World Bank; Niklaus Hilti, Chief Investment Officer, Euler ILS Partners; and Paul VanderMarck, Chief Technology & Innovation Officer, SageSure.Our panellists explored the current state of the catastrophe bond market and the need to balance investor and sponsor demands, highlighting a record-fast spread tightening in recent months and still-increasing interest from an increasingly broad range of investors.Key points included the impact of investor interest on the cat bond asset class from both traditional allocators, as well as newer types of quantitative investors and wealth platforms. The discussion covered the importance of capacity and pricing, the need for continued evolution in parametric cat bond triggers, and the challenges of managing liquidity in the market.Panellists suggested that future growth predictions for the cat bond market ranged from 5-10% annually, sometimes higher, with a goal of reaching an asset class sized at around $100 billion in outstanding cat bonds by 2030.They also discussed the importance of managing capacity against demand and how this could become a challenge as the cat bond market grows, as well as the need to keep improving secondary market liquidity and functionality.Listen to the full audio of this panel discussion from our Artemis ILS NYC 2026 conference to learn more about conditions in the catastrophe bond marketplace, from the perspective of both investors and sponsors.
• 207: Private ILS - Achieving portfolio discipline and resilience through the cycle: ILS NYC 2026 05.03.2026 1h 4min

  This episode features audio from the first panel discussion of the day at Artemis ILS NYC 2026, our tenth catastrophe bond and insurance-linked securities (ILS) conference in the ILS NYC series, held on February 6th 2026 in New York.The panel was focused on the private insurance-linked securities market segment and titled Private ILS: Achieving portfolio discipline and resilience through the cycle.This private insurance-linked securities panel discussion was kindly moderated by Lorenzo Volpi, Deputy CEO and Managing Partner, Leadenhall Capital Partners LLP.He was joined on stage by: Jessica Laird, CEO, Nephila Capital; Michael Stahel, Partner/Portfolio Manager, LGT ILS Partners Ltd.; Eveline Takken-Somers, Head of Insurance Linked Investments, PGGM; and Dr. Raffaele Dell’Amore, Investment Managing Director, Global Head ILS Research, Cambridge Associates.Our panellists explored the track-record of private placements in ILS, which has been particularly impressive in recent years. They noted the still healthy premium environment, despite recent softening in reinsurance markets, believing strong performance can continue as long as portfolio discipline is maintained. The discussion also covered the attractiveness of private insurance linked securities placements versus catastrophe bonds, the importance of transparency and trust, as well as in educating new investors, or those looking to move on from cat bond strategies.Speakers also noted that the capital raising environment remains more challenged in private ILS and blended strategies, than for pure cat bond funds. But there was a general belief that conditions continue to improve and the track-record of private ILS fund strategies is now attracting increasing attention from institutional investors.Listen to the full podcast episode from our Artemis ILS NYC 2026 conference to learn more about conditions in the private insurance-linked securities (ILS) marketplace and investors attraction to private reinsurance investment opportunities.
• 206: Artemis ILS NYC 2026 conference review 12.02.2026 23min

  On February 6th 2026, Artemis held its tenth conference in the NYC series in Midtown Manhattan, New York City. With over 450 registered attendees, it was the largest catastrophe bond and insurance-linked securities market conference hosted by Artemis to-date.Using the power of AI, you can now listen to a review of the conference that provides insights into the main themes of discussion during the panel sessions at the event.Please note, being AI generated this is embellished somewhat, but it does provide an accurate representation of discussions that took place, key themes that emerged and how the conference went on the day.It’s clear from the discussions had at the conference that the insurance-linked securities (ILS) market is in good health, but still has a lot more it can do to meet its potential.Opportunities abound, but the need to meet them with discipline remains critical, to ensure the resilience and sustainability of the ILS product offering for both protection buyers and investors.At the same time, the industry has a clear need to continue its process of educating customers on both sides of the trade, while also explaining the beneficial way capital markets can play a growing role in global insurance, reinsurance and risk transfer.While the ILS market is in good health and considerably more mature in 2026, it still has the potential to grow and evolve much further, to play an increasingly important role by embedding itself ever more deeply into global risk and reinsurance capital provision.
• 205: Plenty of opportunity for profitable growth in reinsurance: David Flandro, Howden Re 28.01.2026 12min

  Our sister publication Reinsurance News spoke with David Flandro, Managing Director, Head of Industry Analysis and Strategic Advisory at Howden Re, just weeks after the reinsurance broker released its comprehensive January 1st, 2026, renewal report. During the interview, Flandro discussed the opportunities and risks that could emerge from what Howden Re describes as a period of re-balancing, highlighting the important focus on geopolitics and macroeconomics as these trends are a big part of what's happening in the commercial insurance and reinsurance market. As geopolitical and macroeconomic trends reshape an increasingly risky world, and reinsurance pricing comes off of its peak in numerous lines of business, there's a clear need for rationality, with plenty of opportunity for underwriters to continue to achieve profitable growth, according to Flandro. Listen to this full interview with Flandro of Howden Re, as he discusses reinsurance market conditions in 2026 and how use of capital within reinsurance has changed.
• 204: The catastrophe bond market records broken in 2025 19.01.2026 8min

  The catastrophe bond market broke numerous records in 2025, as issuance soared to new heights. Insurance and reinsurance sponsors of cat bonds came to market in their droves, lifting the number of new catastrophe bond deals tracked by Artemis.bm to a new record in 2025, cementing the instruments role as both reinsurance and investment strategy.
• 203: Modernisation, liquidity needs of growing insurance linked securities market: Artemis London 2025 03.12.2025 1h 5min

  This podcast episode the fourth panel discussion of the day at Artemis London 2025, a session focused on the modernisation and liquidity needs of the ILS market as it grows, from our fourth cat bond and insurance-linked securities (ILS) conference in the City of London, UK, held on September 2nd 2025.The panel, titled "Modernisation and liquidity needs of a growing ILS market", was moderated by Jack Stone, Chief Executive Officer, Caterina Technologies, Inc..He was joined by: Florian Steiger, CEO, Icosa Investments AG; Martin Dietz, Head of Diversified Strategies, Legal & General Investment Management; Simon Harris, Managing Director, Moody’s Corporation; and Sina Thieme, Senior Director, Insurance Consulting and Technology, WTW.With the discussion focused on the modernisation and liquidity needs of the growing ILS market, our expert panellists called for more standardised data and the use of technology to automate manual processes and improve investment decisions. The challenge of integrating ILS investments into standard fixed income investment processes was also highlighted, due to the differences seen between most asset classes and in cat bond and other ILS processes and structures. The importance of transparency and robust exposure information for better secondary market trading decisions, as well as the availability of granular information was also discussed and highlighted as important. The panel also debated the potential benefits of artificial intelligence in improving market processes, as well as the role of ratings in attracting broader investor bases. The consensus was that standardisation and transparency are crucial for continued and perhaps accelerating cat bond and ILS market growth and efficiency.Listen to the full podcast episode from our Artemis London 2025 conference to learn more about the modernisation and technology needs of the catastrophe bond and insurance-linked securities marketplace as it grows.
• 202: Broadening the non-cat ILS landscape: Artemis London 2025 20.11.2025 59min

  This podcast episode features the third panel discussion of the day at Artemis London 2025, a session focused on the non-catastrophe opportunities in ILS, from our fourth cat bond and insurance-linked securities (ILS) conference in the City of London, UK, held on September 2nd 2025.The panel, titled "Broadening the non-cat ILS landscape", was moderated by Des Potter, Special Advisor, Lloyd’s (INED – Howden Capital Markets & Advisory).He was joined by: Jonathan Gray, Chief Underwriting Officer, Pool Re; Sébastien Bamsey, Managing Director, Howden Capital Markets & Advisory; Callum O’Rourke, Vice President, Neuberger Berman; and Fergus Reynolds, Head of ILS, Cedar Trace.Our expert speakers discussed the non-catastrophe insurance-linked securities market, highlighting its still relatively small but now growing size.Key areas of focus included terrorism, cyber, and quota share structures to access broader types of risk, as well as innovations around stop-loss notes and the potential for investors to access new classes of risk via Lloyd’s. The panel emphasised the need for transparency, modelling accuracy, and building investor comfort, particularly in non-property risks. They also discussed the role of London Bridge in facilitating ILS transactions at Lloyd’s and the importance of continued regulatory responsiveness and cost-efficiency. The conversation underscored the potential for growth in non-cat ILS, driven by demand for flexible capital and diversification benefits, but also noted that communicating the opportunity is key with both cedents and investors.Listen to this full podcast episode from our Artemis London 2025 conference to learn more about insurance-linked investment opportunities outside of catastrophe risks.
• 201: Stability, consistency key for Swiss Re ahead of January renewals: Nikhil da Victoria Lobo 03.11.2025 12min

  Our sister publication Reinsurance News spoke with Nikhil da Victoria Lobo, Head of P&C Reinsurance for Western & Southern Europe and Middle East & Africa at industry giant Swiss Re in the run up to the annual Baden-Baden reinsurance event about market dynamics across his regions.Swiss Re will have a key focus on stability and consistency during its negotiations with clients at the 2025 Baden-Baden Reinsurance Meeting, as the market navigates underlying strengths and challenges ahead of the key January 1st renewal season, da Victoria Lobo explained.The discussion covered supply demand dynamics, the outlook for the 1.1 renewals, rising secondary perils and frequency covers, emerging technologies such as AI, as well as the role of innovative structures like parametric risk transfer, and more.Listen to this podcast episode for a Reinsurance News conversation with da Victoria Lobo of Swiss Re  to hear more on the January reinsurance renewals, the impacts of secondary perils and whether this signals a return to frequency covers, what reinsurers need to do to ensure they keep meeting their cost of capital in the softening environment, and also the role of emerging technology and some of the biggest challenges and opportunities for P&C reinsurance heading into 2026.
• 200: Catastrophe bonds - Sustaining momentum as relevance grows: Artemis London 2025 23.10.2025 58min

  This episode features the second panel discussion of the day at Artemis London 2025, a session focused on the catastrophe bond market segment, from our fourth cat bond and insurance-linked securities (ILS) conference in the City of London, UK, held on September 2nd 2025.The panel, titled Catastrophe bonds: Sustaining momentum as relevance grows, was moderated by Tanja Wrosch, Executive Director, Cat Bond Portfolio Manager, Twelve Securis.She was joined by: Joe Tolen, Senior Investment Director, Credit Investment Group, Cambridge Associates; Gina Hardy, CEO, North Carolina Insurance Underwriting Association (NCIUA), North Carolina Joint Underwriting Association (NCJUA); Andre Rzym, Partner and Portfolio Manager, Man AHL; and Andy Palmer, Head ILS Structuring EMEA & APAC, Swiss Re Capital Markets.Our expert speakers discussed the growth of the market as well as potential challenges in sustaining that through different and increasingly competitive reinsurance market conditions.The need for efficient market processes was highlighted, as well as a desire to continue attracting and supporting new cat bond sponsors, including corporates and governments. The panellists also recognised that cat bonds and other ILS can still be a difficult sell to investors, with education and transparency remaining critical, while communication with sponsors was also highlighted. The discussion also covered the impact of ESMA’s recommendations on UCITS asset eligibility and how this might affect the cat bond market over-time, as well as the potential for product innovations in the catastrophe bond space.Listen to this full podcast episode from our Artemis London 2025 conference to learn more about the state of play in the catastrophe bond marketplace.
• 199: Reinsurance dynamic, competitive yet reasonably disciplined: Urs Baertschi, Swiss Re 17.10.2025 9min

  Our sister publication Reinsurance News spoke with Urs Baertschi, Chief Executive Officer (CEO) of Property & Casualty (P&C) Reinsurance at industry giant Swiss Re in the run up to the annual Monte Carlo Rendez-vous event to discuss his view of the market and outlook to end of year renewals.Baertschi said the reinsurance industry has been operating reasonably efficiently in 2025 and has shown resilience to large losses like the Los Angeles wildfires in January.“When you look at the supply and demand side, there's plenty of capital here to match up with the risks that the industry is facing. And then when you look at the behaviour of the various market participants, it is still reasonably disciplined. It is a dynamic and a competitive market, but it's still reasonably disciplined,” said Baertschi.During the interview, Baertschi also commented on the January 1st, 2026, reinsurance renewals, noting that while it is too early to predict as a lot can still happen between now and year-end, he expects the current environment around discipline and wordings to persist.Listen to this podcast episode to hear more from Urs Baertschi of Swiss Re on the state of the market, the end of year reinsurance renewal outlook and Swiss Re's priorities going forwards.
• 198: Private insurance-linked securities (ILS) - Scaling with investor confidence: Artemis London 2025 07.10.2025 58min

  This podcast episode features the first panel discussion of the day at Artemis London 2025, a session focused on the private insurance-linked securities market segment, from our fourth catastrophe bond and insurance-linked securities (ILS) conference in the City of London, UK, held on September 2nd 2025.The panel, titled Private ILS: Enhancing Flexibility, Managing Complexity, Scaling with Investor Confidence, was moderated by Luca Albertini, Chief Executive Officer, Leadenhall Capital Partners LLP.He was joined by: Chantal Berendsen, Hedge Fund IDD Senior Analyst, Insurance Specialist, Albourne Partners; Niklaus Hilti, Chief Investment Officer, Euler ILS Partners; and Stefan Knab, Managing Director, PG3 Insurance Core AG.Our expert speakers discussed the evolution and current state of private insurance-linked securities investments, contrasting them with catastrophe bonds.Key points raised during the session included the diverse investment opportunities available in private ILS, offering greater geographic diversification and a broader range of risk profiles for investors.Panellists highlighted the importance of transparency, communication, and long-term relationships between managers and investors.They noted the challenges of illiquidity and complexity in private ILS, but also its potential for higher returns through leverage and customisation.Additionally, the discussion touched on the impact of reinsurance market conditions, the appetite of investors, and the strategic importance of maintaining relationships through market cycles.Listen to the full podcast episode from our Artemis London 2025 conference to learn more about the state of play in the private insurance-linked securities (ILS) marketplace.
• 197: A vision for the future of UK ILS - Nylesh Shah, PRA - Artemis London 2025 24.09.2025 16min

  This was the opening keynote of the day at Artemis London 2025, our fourth catastrophe bond and insurance-linked securities (ILS) conference in the City of London, UK held on September 2nd 2025.We began the day with a keynote speech by Nylesh Shah, Head of Insurance Supervision, London Market, Prudential Regulation Authority (PRA) at the Bank of England.Speaking on the topic of “A vision for the future of UK ILS”, Shah emphasised the role of the regulator in maintaining financial stability and fostering a competitive marketplace for ILS within the UK. Recent reforms have streamlined requirements, simplified approval processes, and allow for faster contract renewals. He explained that the PRA aims to balance innovation with credibility and will ultimately look to upgrade PCC rules to allow them to handle multiple contracts, which has been a key ask from the industry.Shah also said that the PRA aims to be a nimble regulator supporting ILS market growth, with a focus on quick authorisations and engagement with participants, and he was the first to highlight the importance of transparency and communication. He also noted that success will be measured by an increase in the number of ILS transactions and a stated desire to contribute to reducing under-insurance around the world.Watch the full video to learn more about the Bank of England PRA's vision for insurance-linked securities (ILS) in the United Kingdom.
• 196: Catastrophe bond & ILS market news, week ending September 21st 2025 22.09.2025 4min

  Listen to this podcast episode for a recap of top catastrophe bond, insurance-linked securities and alternative reinsurance capital news, from the week-ending September 14th 2025.Listen to a recap of Artemis' most read catastrophe bond and insurance-linked securities (ILS) news of the last week. We hope this summary provides an easy way to listen to a recap of some of last week's top stories.This week we covered: Swiss Re's moves to consolidate its ILS management platform while its executives explained that alternative reinsurance capital can only become more important; major reinsurers Everest Re, Liberty Mutual Reinsurance, and Mapfre Re all signal stability for attachments and terms is desired; Gallagher Re says property aggregate limit is becoming more available; the Florida Retirement System Pension Plan has specialty and quota share ILS opportunities in its pipeline; Lorenzo Volpi, Deputy CEO of Leadenhall Capital Partners explains that manager selection needs to consider more than just performance; our roundtable in Monaco saw executives with a positive outlook; Aon calls on the re/insurance market to optimise its capital stack and align it with strategy; and more.
• 195: Catastrophe bond & ILS market news, week ending September 14th 2025 15.09.2025 5min

  Listen to this podcast episode for a recap of top catastrophe bond, insurance-linked securities and alternative reinsurance capital news, from the week-ending September 14th 2025.Listen to a recap of Artemis' most read catastrophe bond and insurance-linked securities (ILS) news of the last week. We hope this summary provides an easy way to listen to a recap of some of last week's top stories.This week we covered: a divergence of opinions on third-party capital and ILS among major reinsurers in Monte Carlo; discussions on a measured softening ahead; the use of liquidity solutions to provide exits and finality for ILS investors; a new Lloyd's syndicate backed by ILS manager Nephila Capital; the ILS recruitment marketplace; legacy market roles for ILS players; the retrocession market and anticipated demand; as well as casualty ILS and much more.
• 194: Catastrophe bond & ILS market news, week ending August 31st 2025 01.09.2025 6min

  Listen to this podcast episode for a recap of top catastrophe bond, insurance-linked securities and alternative reinsurance capital news, from the week-ending August 31st 2025.Listen to a recap of Artemis' most read catastrophe bond and insurance-linked securities (ILS) news of the last week. We hope this summary provides an easy way to listen to a recap of some of last week's top stories.This week we covered: a new CEO for Nephila Capital; Sompo acquiring Aspen Insurance Group; Enstar Group launches its first sidecar; Munich Re exec cautions on staying power of ILS capital; PartnerRe Capital Management hires Benjamin Baltesar; Aon says alternative capital hits $121bn record high; Twelve Securis appoints Paul Larrett as Head of Private ILS; AM Best on expectations for the cat bond market to continue growing and reinsurance efficiency; and Howden Re's David Flandro on the reinsurance cycle. 
• 193: Catastrophe bond & ILS market news, week ending August 24th 2025 25.08.2025 7min

  Listen to this podcast episode for a recap of top catastrophe bond, insurance-linked securities and alternative reinsurance capital news, from the week-ending August 24th 2025.Listen to a recap of Artemis' most read catastrophe bond and insurance-linked securities (ILS) news of the last week. We hope this summary provides an easy way to listen to a recap of some of last week's top stories.This week we covered: Hannover Re launching a new Bermuda ILS platform; Swiss Re taking over from Munich Re at the top of AM Best’s ranking of the world’s largest reinsurers for companies that report under IFRS 17; JP Morgan saying cat bonds are not the main source of price pressure; AM Best on the soft but still profitable reinsurance market; how cat bonds are assuming more wildfire risk; VP Bank saying ILS remains one of the best diversifying asset classes; Antares CEO commenting on the property retro space; Howden Re on property cat pricing; life and annuity sidecar expansion; and more.
• 192: Catastrophe bond & ILS market news, week ending August 17th 2025 18.08.2025 5min

  Listen to this podcast episode for a recap of top catastrophe bond, insurance-linked securities and alternative reinsurance capital news, from the week-ending August 17th 2025.Listen to a recap of Artemis' most read catastrophe bond and insurance-linked securities (ILS) news of the last week. We hope this summary provides an easy way to listen to a recap of some of last week's top stories.This week we covered: industry CEO's comments on the soft market and the state of returns in natural catastrophe reinsurance; catastrophe bond fund performance year to date; growth in capital under management at RenaissanceRe and the latest projection for ILS capital in reinsurance from AM Best and Guy Carpenter; strong continued traction in Bermuda as more new ILS structures are registered in the first-half of the year; and more.
• 191: Catastrophe bond & ILS market news, week ending August 10th 2025 11.08.2025 6min

  Listen to this podcast episode for a recap of top catastrophe bond, insurance-linked securities and alternative reinsurance capital news, from the week-ending August 10th 2025.Listen to a recap of Artemis' most read catastrophe bond and insurance-linked securities (ILS) news of the last week. We hope this summary provides an easy way to listen to a recap of some of last week's top stories.This week we covered: Munich Re's CEO commenting on price pressure from ILS being non-existent; Progressive adding parametric aggregate convective storm reinsurance; the Texas Windstorm Insurance Association (TWIA) discusses early redemptions for cat bonds as its funding needs change; Blackstone backs an F&G life sidecar with $1bn; Fermat Capital Management closes the long-standing GAM FCM Cat Bond Fund and replaces it with its own-brand offshore cat bond strategy; Berenberg analysts say reinsurance attachments are worth a 20-30% pricing benefit; Swiss Re highlights the significant catastrophe loss burden from the first-half; cat bond returns boosted by the return of seasonality in July; and more.
• 190: Catastrophe bond & ILS market news, week ending August 3rd 2025 04.08.2025 6min

  Listen to this podcast episode for a handy recap of top catastrophe bond, insurance-linked securities and alternative reinsurance capital news, from the week-ending August 3rd 2025.Listen to a recap of our most read catastrophe bond and insurance-linked securities (ILS) news of the last week. We hope this summary provides an easy way to listen to a recap of some of last week's top stories.This week we covered: Nephila Capital's catastrophe premium growth; new hires in the industry; Aon's CEO commenting that his firm is unlocking new capacity for clients with parametrics and ILS; SageSure's CEO on his firms first reinsurance sidecar deal Seawall Re; Ascot on its debut casualty sidecar Wayfare Re; Swiss Re Capital Markets on catastrophe bond market momentum; Allstate buying a new homeowners aggregate reinsurance arrangement; The Los Angeles Department of Water and Power returning for its third wildfire catastrophe bond; Japan Post Insurance making a significant investment alongside Global Atlantic; and more.