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

This panel discussion was the third session of the day at our Artemis ILS NYC 2024 conference, held in New York on February 9th 2024. ILS NYC 2024 was Artemis' largest insurance-linked securities (ILS) conference to-date, with over 410 registered attendees enjoying insightful debates from our expert speakers, as well as valuable networking opportunities throughout the day. Attendees came from more than 30 countries across the globe to hear thought-provoking insights from insurance-linked securities (ILS) market leaders, all under the theme of "Growing into the higher return environment." This third podcast from our ILS NYC 2024 conference features a panel discussion focused on the private side of the insurance-linked securities (ILS) market where collateralized reinsurance protections are written and invested in, titled: Collateralized Re & Retro - Creating consistency and coverage. The panel discussion was moderated by Mitchell Rosenberg, Managing Director, ILS, Howden Tiger Capital Markets & Advisory. He was joined by: Laura Taylor, President, Nephila Holdings Ltd.; Chris McKeown, Chief Executive, Reinsurance, ILS & Innovation, Vantage Risk; and Paul Larrett, Chief Underwriting Officer, Securis Investment Partners. The discussion focused on the collateralized reinsurance and retrocession markets, exploring what has changed in recent years after the challenging losses face and how the ILS market can continue to expand this segment and remain a key provider of reinsurance and retro capacity in collateralized formats. The panellists also explored the importance of delivering certainty to cedents, through the forms of coverage that are available in today's hard reinsurance marketplace. Capital management and how collateral flows within the industry was also a key topic for discussion, with panellists explaining steps taken to improve the deployment, management and use of reinsurance collateral, to benefit both cedents and investors. Listen to the full episode of this collateralized reinsurance and retrocession focused panel discussion for unique insights into how the more private side of the ILS market is set up for 2024, and how speakers view the forward potential of this ILS segment.

This panel discussion was the second session of the day at our Artemis ILS NYC 2024 conference, held in New York on February 9th 2024. ILS NYC 2024 was Artemis' largest insurance-linked securities (ILS) conference to-date, with over 410 registered attendees enjoying insightful debates from our expert speakers, as well as valuable networking opportunities throughout the day. Attendees came from more than 30 countries across the globe to hear thought-provoking insights from insurance-linked securities (ILS) market leaders, all under the theme of "Growing into the higher return environment." This audio from the second session at our ILS NYC 2024 conference features a panel discussion focused on forward-looking trends in the cat bond market after a record year in 2023, titled: Catastrophe bonds: Building on solid ground. The panel discussion was moderated by Alex Mican, Head of PCS Global Strategy and Growth, Verisk Insurance Solutions. He was joined by: Lynn Finkel, Chief Risk Officer, Revantage, A Blackstone Company; Michael Bennett, Head of Derivatives & Structured Finance, World Bank Treasury; Stephan Ruoff, Head of ILS, Schroders Capital; and Cory Anger, Managing Director, GC Securities. The discussion focused on the cat bond market, looking ahead to what 2024 could bring for a market setting new records, on the back of growing demand from both sponsors and investors. The panellists also explored what cedents really want from the cat bond market and how the investor-base can support their needs, as well as what structural opportunities could be presented and how catastrophe bonds can extend their role in disaster risk financing around the globe. Listen to this full podcast episode for a catastrophe bond focused panel discussion with unique insights into how the cat bond market is set up for 2024, and what developments may be seen in cat bond structuring and offerings, to support both sponsor and investor needs.

This panel discussion was the first session of the day at our Artemis ILS NYC 2024 conference, held in New York on February 9th 2024. ILS NYC 2024 was Artemis' largest insurance-linked securities (ILS) conference to-date, with over 410 registered attendees enjoying insightful debates from our expert speakers, as well as valuable networking opportunities throughout the day. Attendees came from more than 30 countries across the globe to hear thought-provoking insights from insurance-linked securities (ILS) market leaders, all under the theme of "Growing into the higher return environment." This first audio recording from our ILS NYC 2024 conference features a panel discussion focused on trends on the investor side of the market, titled: Investor sentiment: Cultivating and aligning appetites. The panel discussion was moderated by Lorenzo Volpi, Deputy CEO, Managing Partner, Leadenhall Capital Partners LLP. He was joined by: Eveline Takken-Somers, Senior Director, Lead Portfolio Manager - Insurance Portfolio, PGGM; Jason Bolding, Global Head of Sales & Distribution, Gallagher Securities; Bernard Van Der Stichele, Senior Portfolio Manager, ILS, Healthcare of Ontario Pension Plan (HOOPP); Michael Stahel, Partner / Portfolio Manager, LGT ILS Partners Ltd. The discussion focused on ILS investor sentiment, how appetites are developing, which instruments are receiving the most focus at this time, as well as how investor sentiment and appetites to allocate differ across catastrophe bonds and the more private ILS and reinsurance structures. The panellists also explored what investors really want from the insurance-linked securities (ILS) asset class in 2024, including where their red lines might be, in terms of the discipline they expect to see from ILS managers Listen to the full podcast episode of this ILS investor sentiment focused panel discussion for unique insights into how large institutional investors view the asset class at this time and how our experts see investor appetites for ILS and cat bonds developing.

The successful issuance of the first full cyber catastrophe bonds in late 2023 was a watershed moment and the role of risk models in helping insurance-linked securities investors get up to speed on what is still a relatively new peril to the ILS sector was key, executives at Moody's RMS told us in an Artemis Live interview. To find out more about the role of risk models in getting the first cyber cat bonds to market successfully, we spoke with Moody's RMS executives Damini Mago - Senior Product Manager, Cyber and Alice Woolley – Lead Consultant, Risk Advisory, recently. With now four full 144A cyber catastrophe bonds successfully brought to market, the role of risk models has been critical in helping cedents to access an important new source of reinsurance capital and for investors to understand the exposures they were being presented with. Moody's RMS Senior Product Manager, Cyber, Damini Mago said that, "2023 saw the first cyber catastrophe bonds come to the market. It was a watershed moment bringing this to the ILS market and as by the end of quarter four, we saw for 144A cat bond transactions, securing about $415 million in protection for those sponsors. "We feel it's the first big step to open the doors for that additional capacity that the market clearly needs, especially with the premium growth that's expected from it. "We view this as a pivotal step in establishing cyber as a viable asset class for investors, contributing to the advancement of the cyber insurance market. So, it's definitely an exciting time." Helping investors to gain an understanding of the peril category that is cyber and precisely what risks these cyber cat bonds cover, was a key part of the process towards opening the ILS market up for cyber cedents. Alice Woolley, Lead Consultant, Risk Advisory at Moody's RMS explained, "It is really encouraging to see how ILS investors stepped up. They're getting to grips with this new challenge, this completely new peril, and they're supporting not just one but multiple transactions. "So, we've seen really encouraging signs and education has been a really key focus and a key part of this long journey of getting to where we are, with the cyber transactions so far." During the interview, Mago and Woolley also discussed the Moody's RMS cyber risk model and what it covers, as well as how it was applied to the cat bond issues we've seen so far. The importance of robust cyber loss event definitions was also explored and the pair also commented on the range of cyber cat bond structures that the market has seen thus far, as well as their hopes for a vibrant cyber cat bond market going forwards. Listen to the full podcast episode for more insights into the exciting new world of cyber catastrophe bonds with Moody’s RMS’ Damini Mago and Alice Woolley.

This was the sixth session of the day at our Artemis London 2023 insurance-linked securities (ILS) market conference, held on September 5th in London, UK. Around 240 attendees enjoyed a busy day of thoughtful catastrophe bond and insurance-linked securities (ILS) focused discussion from industry experts, as well as valuable networking opportunities. This session features an expert panel discussing parametric triggers in insurance-linked securities (ILS) and the future potential for parametric triggers in developing capital market backed responses to growing climate risk exposures. The panel discussion was moderated by: Rowan Douglas, CEO Climate Risk and Resilience, Howden Group. He was joined on stage by: Stephen Lathrope, Global Head of Insurance, ICEYE; Michael Bennett, Head of Derivatives & Structured Finance, the World Bank Treasury; and Edern Le Roux, Head of ILS and Cat Modeling, Descartes Underwriting. The panellists discussed how parametric triggers have helped insurance and catastrophe bond protection expand to some underserved areas. We heard of the need for greater collaboration between private and public entities, as well as the growing demand for disaster insurance protection for governments and their entities. The panellists also discussed the important role of technology in the creation of parametric triggers and how this can help drive innovation and triggers that are increasingly closely calibrated to the underlying risks that insurance and reinsurance products are protecting against. Listen to the full podcast episode to learn more about the future of parametric triggers in the insurance-linked securities (ILS) market.

This was the fifth session of the day at our Artemis London 2023 insurance-linked securities (ILS) market conference, held on September 5th in London, UK. Around 240 attendees enjoyed a busy day of thoughtful catastrophe bond and insurance-linked securities (ILS) focused discussion from industry experts, as well as valuable networking opportunities. This session features a keynote speech and Q&A with Jorge Familiar, Vice President and Treasurer, of the World Bank Group. Familiar discussed the World Bank's role in disaster risk financing and use of insurance-linked securities (ILS) such as catastrophe bonds. He explained that the World Bank's clients have benefited from significant risk transfer thanks to the cat bond structure over the years, saying that interest in insurance protection and leveraging capital market investor appetite to fund that, remains strong. Familiar also discussed the role of ILS and cat bonds at the World Bank. "We are focusing on increasing our financial capabilities and taking full-advantage of what we do in financial markets to further our mission," he explained. Adding, "This leads to insurance-linked securities (ILS)." Familiar further said that the World Bank is aware that countries need help to build resilience on the one hand, but also to build robust safety nets with different layers that will allow them to deal with natural disasters with different intensities and different probabilities of occurrence. "Hence, there is clearly a space for cat bonds here," Jorge Familiar told the audience. Listen to the full podcast episode to learn more about the World Bank Group's activities in the catastrophe bond and insurance-linked securities (ILS) market.

This was the fourth session of the day at our Artemis London 2023 insurance-linked securities (ILS) market conference, held on September 5th in London, UK. Around 240 attendees enjoyed a busy day of thoughtful catastrophe bond and insurance-linked securities (ILS) focused discussion from industry experts, as well as valuable networking opportunities. This session features an expert panel discussing the need to sustain returns, across both catastrophe bonds and private ILS such as collateralized reinsurance, and ideas as to how that can be achieved. The panel discussion was moderated by: Philipp Kusche, Global Head of ILS, Howden Tiger Capital Markets & Advisory. He was joined on stage by: Florian Steiger, Head of Cat Bonds, Twelve Capital; Hervé Castella, Chief Third Party Capital Officer, SCOR; Marco della Giacoma, Portfolio Manager, Tenax Capital; and Michael Rich, Head ILS, Commodities & Environmental Strategies, K2 Advisors. The panellists spoke about the evident diversification benefits that allocations to ILS have exhibited for investors over the last few years, saying that the lack of correlation remains a key driver for investor capital inflows to the sector. They also explored how investor sentiment is evolving in the catastrophe bond space, as well as more broadly for investments into private ILS such as collateralized reinsurance arrangements. Listen to the full podcast episode to learn more about the return potential of investment allocations to the insurance-linked securities (ILS) market.

This was the third session of the day at our Artemis London 2023 insurance-linked securities (ILS) market conference, held on September 5th in London, UK. Around 240 attendees enjoyed a busy day of thoughtful catastrophe bond and insurance-linked securities (ILS) focused discussion from industry experts, as well as valuable networking opportunities. This session features a timely panel discussion focused on cyber catastrophe bond market developments, featuring some of those involved in some of the first wave of cyber cat bonds that launched soon after this event. The panel discussion was moderated by: Kyle Freeman, Head of ILS Structuring, Property, AXIS ILS. He was joined on stage by: Joe Gottlieb, Partner, Insurance Practice, Sidley Austin LLP; Rebecca Bole, Head of Industry Engagement, CyberCube; Richard Pennay, CEO of Insurance-Linked Securities, Aon Securities; and Benjamin Baltesar, Head of Underwriting and Pricing, Credit Suisse Insurance Linked Strategies. The group explored the readiness of the market for cyber catastrophe bond, discussing the response of investors to the prospect of cyber cat bonds getting issued, and speaking to some of the challenges faced in getting investors comfortable with cyber risks in ILS form. Event definitions were a focus, as this has been one of the key considerations for sponsors and their service providers, to ensure coverage is robust from a cyber cat bond. The investor side was also discussed and the group agreed that, in cyber risk, event definitions are critical so that ILS investors understand what losses could qualify and they could be exposed to, if they invested in a cyber cat bond. The group also said that the ILS market is ready for cyber and that investors have approached this in a pragmatic manner, with the initial cyber cat bonds ready to provide a good test for investor appetite and lay the groundwork for what could be an important new peril for the catastrophe bond market. Listen to the full podcast episode to learn more about the nascent market for cyber catastrophe bonds.

This was the second session of the day at our Artemis London 2023 insurance-linked securities (ILS) market conference, held on September 5th in London, UK. Around 240 attendees enjoyed a busy day of thoughtful catastrophe bond and insurance-linked securities (ILS) focused discussion from industry experts, as well as valuable networking opportunities. This session features an insightful panel discussion focused on developments in third-party investor sentiment for allocating to the insurance-linked securities (ILS) and catastrophe bonds asset class. The panel discussion was moderated by: Lorenzo Volpi, Managing Partner / Deputy CEO, Leadenhall Capital Partners LLP. He was joined on stage by: Chantal Berendsen, Hedge Fund IDD Senior Analyst, Insurance Specialist, Albourne Partners; Martin Dietz, Head of Diversified Strategies, LGIM; and Raffaele Dell'Amore, Head ILS Centre of Competence, Partner, SIGLO Capital Advisors AG. The group explored the evolution of ILS investor sentiment over the last year and where it might be headed. They identified ongoing challenges and the need for investor concerns to be addressed, but also a steadily improving environment for ILS investor sentiment, helped by the improvements in returns available from the market, as well as the evidence of ILS portfolio enhancements that are starting to show through. Listen to this full podcast episode to learn more about the state of investor sentiment for allocating to the insurance-linked securities (ILS) market.

This was the first session of the day at our Artemis London 2023 insurance-linked securities (ILS) market conference, held on September 5th in London, UK.  More than 240 attendees enjoyed a busy day of thoughtful catastrophe bond and insurance-linked securities (ILS) focused discussion from industry experts, as well as valuable networking opportunities.  This session features a keynote speech and Q&A with Burkhard Keese, the CFO of the Lloyd's insurance and reinsurance market.  Keese discussed Lloyd's progress with its activities of relevance to the ILS investor community.  In particular, he shared an update on the London Bridge 2 PCC ILS structure and said that he expects more activity through the platform over the coming months, as Lloyd's market participants look to access efficient sources of capital and reinsurance.  Listen to the full episode for more insights about the Lloyd's market and its interaction with the insurance-linked securities (ILS) community from Burkhard Keese.