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

With specialist catastrophe bond and insurance-linked securities (ILS) investment manager Fermat Capital Management celebrating its 25th birthday this year, we spoke with co-founder and Managing Director of the firm John Seo.The company manages more than $11 billion of investments across catastrophe bonds and related insurance-linked securities and John Seo gave us an insight into how he views the market's development over the 25 year history of Fermat Capital Management and his expectations for the future of the ILS industry.We discussed Fermat Capital Management's 25-year history in the catastrophe bond and ILS business, as well as opportunities and challenges for the asset class' next phase.Seo talked us through how he undertook the task of selecting a list of 25 notable catastrophe bond transactions from across Fermat's history, saying they were chosen as a representative, partly subjective selection from deals where Fermat had been a lead investor.He also explained some of the lessons he's learned through his long-tenure in the ILS industry, noting the importance as an investment manager of compounding knowledge over-time to improve returns while managing risk.We discussed how market cycles have changed and whether traditional insurance, reinsurance and ILS market cycles are coming more into phase in 2026.On the future of the industry, Seo identified on-shoring of cat bond and ILS structures as a way to catalyse more rapid adoption and market expansion, while also commenting on the data centre risk transfer opportunity.Seo said that a larger ILS market could support more orderly issuance and substantial market growth, enabling the catastrophe bond and capital market investors to support a greater proportion of the world's natural disaster risks as well as other catastrophic exposures.Listen to the full audio from the interview in this podcast episode to learn much more about Fermat Capital Management's 25 year journey in the catastrophe bond and insurance-linked securities market.

This podcast episode features the third panel discussion of the day at Artemis London 2026, a session focused on achieving diversification within the asset class, 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 “Beyond peak risk: The expanding spectrum of diversification in ILS,” and was moderated by Harry White, Head of PCS, Verisk Insurance Solutions.Joining him for the discussion were: Andre Rzym, Partner and Portfolio Manager, Man Group; Connie Tregidga, Managing Director, Global Structured Solutions, Marsh Re; Chris Wilson, Managing Director, ILS, Cedar Trace Advisers Limited; and Rick Pagnani, Managing Partner & CEO, King Ridge Capital Advisors.The panel discussed a range of strategies for achieving and maintaining diversification within the insurance-linked securities (ILS) market. Key points raised included the definition of boundaries for diversification, balancing novelty against economic value, and the effectiveness of different risk-adjusted return profiles.Experts explored the evolution of diversification within property, casualty, cyber, and terrorism risks, while highlighting the importance of structural and pricing discipline, as well as robust modelling deal with uncertainty.Another topic of focus was the unique liquidity and tail-risk protection provided by catastrophe bonds and ILS, as well as how improvements in the existing structures have enabled the asset class to expand.Listen to the full audio from our Artemis London 2026 conference panel to learn more about our speakers thoughts on what diversification means for investors within the catastrophe bond and ILS asset class and how it can be achieved.

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.

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.

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.