Artex Axcell Re – Kettering notes

Another private catastrophe bond transaction has come to light from an Artex Risk Solutions entity, with this being the fifth of 2025 so far to be issued by the Artex Axcell Re (Bermuda) Limited structure.

The Artex Risk Solutions managed entity in Bermuda has issued a new private catastrophe bond arrangement, with $15 million of Kettering notes brought to market and sold to qualified investors.

Artex Axcell Re has been regularly used over the years for transacting or transforming reinsurance related risks, including through the issuance of private insurance-linked securities (ILS) notes, ranging from collateralized reinsurance to private cat bonds with the help of facilitator Artex.

This latest transaction from the vehicle is a $15 million Kettering notes private catastrophe bond issuance.

Artex Axcell Re (Bermuda) Limited, under its ILS Note Program II, has issued $15 million in Kettering notes on behalf of a segregated account identified as PI0059, we understand.

This latest new private cat bond issuance has a maturity date of March 31st 2026, which suggests it could represent an reinsurance or retrocession transaction from around the April renewal time.

The $15 million of PI0059 Kettering notes issued by Artex Axcell Re have been privately placed with qualified institutional investors and are now listed on the Bermuda Stock Exchange (BSX).

As with all of the private ILS or cat bond deals that we report on, until we learn more details we assume this covers a property catastrophe reinsurance or retrocession risk.