Artex Axcell Re (Series FE0004)

Another new private catastrophe bond arrangement has been issued by the Artex Risk Solutions owned and managed entity, the Artex Axcell Re (Bermuda) Limited structure, with this becoming the fourth private cat bond or cat bond lite transaction we’ve seen from this issuer so far in 2026.

The structure is owned by Artex Risk Solutions and used to help sponsors access sources of risk capital in an efficient manner, with the Artex Capital Solutions division managing and administering the structure.

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

Artex Axcell Re (Bermuda) Limited, under its ILS Note Program II, has issued US $60 million of Series FE0004 notes, on behalf of a segregated account of the same name.

These new private cat bond notes have a due date of April 30th 2027, so their coverage runs into that month. We suspect this could be a deal running for around a year’s term that has taken a while to come to light, although cannot be certain of the exact transaction settlement date.

The $60 million of Series FE0004 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.