At our Artemis London 2025 conference yesterday speakers highlighted a catastrophe bond and insurance-linked securities (ILS) market full of opportunity, but one where the need for transparency, communication and a continued push towards modernisation are key.
We held our Artemis London 2025 conference on September 2nd and over 220 attendees joined the day to hear insightful talks and benefit from valuable networking, with over 120 organisations represented across a mix of ILS industry participants, insurance and reinsurance specialists, institutional end-investors and those considering allocating to the asset class, entities looking for efficient risk transfer, and service providers to the sector.
The event was a great success from our perspective and we enjoyed seeing so many friends and contacts on the day, as well as meeting those who were first-time attendees to one of Artemis’ events.
With attendees from as far afield as New Zealand, Latin America and Asia, it was a truly international affair in the City of London.
This was our fourth insurance-linked securities (ILS) conference in the City of London and it followed our usual format of detailed speaker discussions giving experts on stage the chance to really get into the details of their topics and long networking breaks so our attendees can meet and discuss with those assembled.
We began the day with a keynote speech by Nylesh Shah, Head of Insurance Supervision, London Market, Prudential Regulation Authority (PRA).
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.
Following the keynote, our first panel session of the day focused on the market for private insurance-linked securities (ILS) and 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.
The private ILS panel discussed the evolution and current state of private insurance-linked securities investments, contrasting them with catastrophe bonds. Key points from the session included the diverse investment opportunities available in private ILS, offering greater geographic diversification and broader range of risk profiles for investors. This panel 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 market cycles, the role of investors, and the strategic importance of maintaining relationships through market conditions and cycles.
The second panel session saw catastrophe bonds come into focus, in a session moderated by Tanja Wrosch, Executive Director, Cat Bond Portfolio Manager, Twelve Securis.
Joining her were: 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 cat bond focused panel 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.
Our third panel session turned the focus away from natural catastrophe risks, in a non-cat ILS discussion on how that market can be broadened led by moderator Des Potter, Special Advisor, Lloyd’s (INED – Howden Capital Markets & Advisory).
Potter 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.
This panel 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.
The fourth panel session of the day saw a discussion about the modernisation and liquidity needs of a growing ILS market, led by moderator Jack Stone, Chief Executive Officer, Caterina Technologies, Inc.
Joining Stone on the stage were: 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, 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.
Our final and fifth panel session of the conference saw our usual approach of trying to tease out some of the issues that matter for the ILS market as some head to Monte Carlo and other reinsurance events over the coming weeks. With thoughts turning to the end of year issuance period and renewals, we sought to set the tone for the ILS market’s discussions.
This session was moderated by Harry White, Head of Commercial Strategy, PCS, Verisk Insurance Solutions.
He was joined by: Luca Albertini, Chief Executive Officer, Leadenhall Capital Partners LLP; Nicky Payne, Partner, McGill & Partners; and Niklaus Hilti, Chief Investment Officer, Euler ILS Partners.
Key points for the ILS market to consider this year included, the market’s capacity to handle more deal-flow, matching capital raising to the availability of opportunities, as well as the importance for discipline to be maintained on attachments and terms. In addition the influence of macroeconomic factors such as interest rates and geopolitical tensions on investor allocations was debated. This session also highlighted the importance of maintaining market discipline to avoid surprises and again the need for better data transparency and standardisation. The potential for expansion was also noted, including in established property cat business, but also in non-cat exposures and structures such as parametric products. In addition, this panel also discussed the continued challenges of managing increasing frequency and severity of perils, citing attachment points as a key feature that needs to be kept equitable between sponsor and capital providers. But communication once again came to the fore, as panellists agreed that the relationships with both cedents and investors are critical and must be managed through the cycle, to set expectations on both sides.
It was clear from the discussions on stage and during networking breaks that the cat bond and ILS market recognises the opportunity for continued growth and expansion persists, but it is now operating against the backdrop of an increasingly competitive reinsurance market landscape.
As a result, continuing to put transparency and communication at the forefront will be key as we move through the final weeks of this year and into 2026, keeping all sides informed and educated on appetites and allocation strategies. While the topic of modernisation is one sure to bubble along under the surface of this always-busy market and become an increasing area of focus for insurance-linked securities market participants over time.
Thank you again to everyone who attended Artemis London 2025, to our wonderful speakers and supportive sponsors.
We look forward to seeing many of you at next year’s Artemis London.
Our ILS NYC 2026 conference will be held in New York on February 6th 2026. Please save the date and tickets will be available soon.
Watch videos from our previous Artemis conferences.
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Our Artemis London 2025 conference sponsors can be seen below, we thank them all for their valued support:
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