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

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212

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Oct 2026

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About the show

Artemis Live - Discussions with leaders in the catastrophe bond (cat bond), insurance-linked securities (ILS), reinsurance, insurance risk transfer and investments space, as well as updates on the cat bond and ILS industry, explainers and how-to's. Artemis.bm was formally launched in early 1999. Its founders held a belief that the capital markets was the deepest, most liquid and efficient source of risk and reinsurance capital available to facilitate the transfer of disaster and other exposures to investors, and that capital market structures such as cat bonds would be the most effective tools for the structuring and transfer of peak catastrophe risks. Today, Artemis is the longest running news, analysis and data media service devoted to the alternative risk transfer, catastrophe bond & insurance linked security (ILS), non-traditional reinsurance, insurance linked investments and associated risk transfer markets, with more than 60,000 readers every single month. With a wealth of news, cat bond data, analysis and market information, Artemis.bm is the best place to source information related to cat bonds, insurance linked securities and collateralised reinsurance capacity and investing.

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October 8, 2026Episode 2121 hr 3 min

212: From hard market to normalisation: Cat bond discipline in practice - Artemis London 2026

This episode features the second panel discussion of the day at Artemis London 2026, a session focused on the catastrophe bond market, from our fifth cat bond and insurance-linked securities (ILS) conference in the City of London, UK, held on September 1st 2026. This panel session was titled “From hard market to normalisation: Cat bond discipline in practice,” and was moderated by Nils Ossenbrink, Head of Distribution and Products, Twelve Securis. Joining him for the discussion were: Florian Steiger, CEO, Icosa Investments AG; Charlotte Acton, Senior Director, Risk Advisory, Moody’s; John DeCaro, Founding Partner, Elementum Advisors; and Jonathan Gray, Chief Underwriting Officer, Pool Re. The discussion explored the current status of a growing and evolving catastrophe bond market, focusing on “normalisation” and “discipline”. While market multiples have fallen, experts argued that structural discipline remains firm despite softening prices driven by high capital inflows across the reinsurance sector. Panellists highlighted that while pricing is a function of supply and demand, true discipline requires rigorous risk assessment and robust modelling, particularly for secondary perils like wildfires or terrorism. In addition, the subject of price discovery was explored, with speakers debating whether there is sufficient transparency in the issuance process regarding size, price and timing when order books are regularly oversubscribed and spreads tighten multiple times. The discussion emphasised that improved analytical granularity and transparency are essential as investors seek higher returns. Ultimately, successful participation depends on balancing quantitative data with qualitative due diligence to ensure adequate risk-adjusted returns, as well as alignment, in a competitive landscape. Listen to this podcast episode for audio from our Artemis London 2026 conference, to learn more about the current state of the catastrophe bond market and our expert speakers thoughts on discipline through the softening market phase.

September 28, 2026Episode 21158 min

211: Unlocking capital at Lloyd's: Evolution of London Bridge ILS platform - Artemis London 2026

This episode features the first panel discussion of the day at Artemis London 2026, a session focused on the the Lloyd's ILS structure London Bridge, from our fifth catastrophe bond and insurance-linked securities (ILS) conference in the City of London, UK, held on September 1st 2026. This panel session was titled “Unlocking capital at Lloyd’s: Evolving use-cases of the London Bridge ILS platform,” and was moderated by Ed Saul, SVP, Senior Client Partner, Artex Capital Solutions. He was joined on stage by panellists: Angus Jordan, Senior Manager London Bridge. Chairman, London Bridge 2 and LB Risk PCCs, Lloyd's; Lauren Johnson, Head of Funds at Lloyd’s, Acrisure Re Corporate Advisory & Solutions; Deepon Sen Gupta, Head of Capital Partnerships, OAK Global; and Perry Thomas, Chief Executive Officer, Flood Re. This session explored the evolution and strategic expansion of the London Bridge insurance-linked securities (ILS) platform within the Lloyd’s insurance and reinsurance market. Speakers discussed why insurance-linked securities technology is gaining traction within the Lloyd’s ecosystem. Subjects touched on included the capital efficiency of Funds at Lloyd’s, noting their attractiveness to institutional investors due to efficiency in accessing business and Lloyd’s historically strong and diversifying returns. The discussion highlighted recent innovations, including catastrophe bonds issued under London Bridge and the use of Letters of Credit to optimise capital stacks. Looking forward, the panel identified potential growth opportunities for the London Bridge ILS platform in sidecars, excess of loss covers, and more flexible reinsurance structures. Ultimately, the session emphasised how London Bridge serves as a vital enabler for diversifying capital sources within the Lloyd’s market and how this can support creative underwriting and business expansion, as well as discussing the potential for enhancement of the opportunities available through regulatory collaboration. Listen to this discussion from our Artemis London 2026 conference to learn more about the evolution of investing into the Lloyd's insurance and reinsurance market using its London Bridge ILS structure.

September 17, 2026Episode 2108 min

210: Reinsurance price adequacy key in evolving risk landscape: Urs Baertschi, Swiss Re

In the run up to the 2026 edition of the annual Monte Carlo Rendez-vous event, our sister publication Reinsurance News spoke with Urs Baertschi, Chief Executive Officer (CEO) of Property & Casualty (P&C) Reinsurance at industry giant Swiss Re to gauge his views on the state of the market. With the global reinsurance market transitioning to a more competitive state, Baertschi highlighted that what’s important across the re/insurance value chain is charging an adequate rate. He explained in this interview that supply and demand factors are driving the market, but that given the uncertain world we live in there is new demand for protection being seen. On the state of the market, Baertschi said, "It's not just one market; it's many micro cycles, and those different perspectives on the same environment actually creates that market." Listen to this episode to learn more from Urs Baertschi of Swiss Re on the state of the global reinsurance market, the end of year renewal outlook and Swiss Re's priorities for the rest of this year and into 2027.

April 27, 2026Episode 20958 min

209: Expanding the ILS perimeter - New risks, new markets, new capital: ILS NYC 2026

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.

April 9, 2026Episode 2081 hr 3 min

208: Catastrophe bonds - Maintaining an equilibrium in value, for sponsors & investors: ILS NYC 2026

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.

March 5, 2026Episode 2071 hr 4 min

207: Private ILS - Achieving portfolio discipline and resilience through the cycle: ILS NYC 2026

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.

February 12, 2026Episode 20623 min

206: Artemis ILS NYC 2026 conference review

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.

January 28, 2026Episode 20512 min

205: Plenty of opportunity for profitable growth in reinsurance: David Flandro, Howden Re

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.

January 19, 2026Episode 2048 min

204: The catastrophe bond market records broken in 2025

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.

December 3, 2025Episode 2031 hr 5 min

203: Modernisation, liquidity needs of growing insurance linked securities market: Artemis London 2025

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.