Artex Axcell Re – PI0055 Grantham notes

We have seen details of another new private catastrophe bond arrangement, that has been issued by the Artex Risk Solutions owned and managed entity, the Artex Axcell Re (Bermuda) Limited structure.

This new deal is now the fifth private cat bond or cat bond lite transaction we’ve seen from this issuer so far in 2026.

Artex Axcell Re, as a transformer and segregated accounts vehicle, is utilised by Artex to help clients in transacting reinsurance related risks, on a collateralized basis including through the issuance of private insurance-linked securities (ILS) notes.

Issuances from the structure range from collateralized reinsurance to private cat bonds, assisted by facilitator Artex Capital Solutions, the capital markets focused division of Artex.

In this latest case, Artex Axcell Re (Bermuda) Limited, under its ILS Note Program II, has issued US $20 million of PI0055 Grantham notes, on behalf of a segregated account of the same name.

The $20 million of private cat bond notes issued have a due date of December 7th 2026, so presumably these are a single US hurricane season transaction, likely arranged around the mid-year reinsurance renewals to help a sponsor access capital markets backed sources of risk transfer for that peak peril, although we cannot be certain as no covered peril details are available to us.

The $20 million of PI0055 Grantham notes issued by Artex Axcell Re have been privately placed as insurance-linked securities with qualified institutional investors and are now listed on the Bermuda Stock Exchange (BSX).

As with every private ILS or cat bond deal that we report on, unless we gain access to more details on the arrangement we make the assumption these cover certain unknown property catastrophe reinsurance or retrocessional risks.

Including this latest transaction, we’ve now seen just over $132 million of private cat bond issuance from the Artex Axcell Re (Bermuda) Limited transformer vehicle this year.