Artex Axcell Re issues $3.8m Japanese Yen denominated private cat bond

Another new Japanese denominated private catastrophe bond arrangement has been issued by Artex Axcell Re, the Bermuda based Artex Risk Solutions operated transformer entity, with the roughly US $3.8 million Artex Axcell Re (Series FE0005) transaction potentially another renewal of a recently matured private cat bond deal.

This is now the third private cat bond issuance we’ve seen from the Artex Axcell Re (Bermuda) Limited transformer and cell facility, which is owned by Artex Risk Solutions, in 2026 so far.

Including this latest Artex Axcell Re deal, we have now tracked 15 cat bond lite transactions so far in 2026, taking issuance of these privately placed catastrophe bond deals to just over $286 million year-to-date.

You can view details on every private cat bond we’ve tracked in the Artemis Catastrophe Bond Deal Directory by using the filters to view only private deals (filter by type).

The Artex Axcell Re transformer and segregated accounts vehicle has been used for transacting in reinsurance related risks, including through the issuance of private insurance-linked securities (ILS) notes, ranging from collateralized reinsurance to private cat bonds with the assistance of facilitator Artex Capital Solutions, the capital markets focused division of Artex, for a number of years.

Artex Axcell Re (Bermuda) Limited, under its ILS Note Program II, has issued JPY 600 million (roughly US $3.8 million at this time) in Series FE0005 notes, on behalf of a segregated account of the same name.

These new private cat bond notes have a due date of April 28th 2027, so their coverage runs into that month, which is relatively closely aligned with the majority of reinsurance arrangements for cedents in Japan.

Given the Japanese Yen denomination of the private cat bond notes, as usual we make the assumption that they will cover a Japanese peril, likely property catastrophe risk in nature, for an unknown Japanese sponsor or entity active there.

The JPY 600 million of Series FE0005 private cat bond notes issued by Artex Axcell Re have been privately placed with qualified institutional investors and are now listed on the Bermuda Stock Exchange (BSX).

We believe these could be another renewal of a previous transaction under the Artex run risk transformation vehicle.

Previously, there have been Artex Axcell Re FE0001 and FE0002 cat bond note issuances that also had due dates of April 28th 2025 and 2026 consecutively. Each of those earlier private cat bonds were also 600 million JPY in size.

So we feel there’s a strong chance this new FE0005 private cat bond is the latest renewal of those earlier and now matured private cat bond arrangements for an unknown Japanese sponsor.

You can view details on every private cat bond we’ve tracked in the Artemis Catastrophe Bond Deal Directory. Use the filters to view only private cat bonds (filter by type).

You can also track private catastrophe bond issuance by year in this interactive chart.

We’ve added this roughly $4 million Artex Axcell Re (Series FE0005) private cat bond transaction to the Artemis Deal Directory, and what data points we have on the arrangement will be included in our catastrophe bond and ILS market statistics.