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

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.

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.

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.

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.

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.

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.

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.

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. 

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.

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.