Artex Axcell Re issues $60m Series FE0004 private cat bond notes

Artex Axcell Re, the Bermuda domiciled Artex Risk Solutions operated risk transformer entity, has issued another new private catastrophe bond transaction, with $60 million of Artex Axcell Re (Series FE0004) notes coming to market.

This becomes the fourth private cat bond issuance we’ve covered that has been issued by Artex Axcell Re (Bermuda) Limited transformer and cell facility 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.

Including this new $60 million issuance from Artex Axcell Re, we have now tracked 19 of these cat bond lite transactions so far in 2026 across all issuers, which lifts issuance of these privately placed catastrophe bond deals to just over $383 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 is utilised by Artex to assist clients in transacting reinsurance related risks, including through the issuance of private insurance-linked securities (ILS) notes.

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

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.

So far in 2026 we’ve now seen just over $112 million of private cat bond issuance from the Artex Axcell Re (Bermuda) Limited transformer.

Private cat bond issuance across all issuers in 2026 has now reached $383.32 million so far this year.

In 2025 we analysed and tracked $626.51 million of private catastrophe bonds, as our chart shows.

2017 remains the record year for private cat bonds that we have tracked, at just over $1.12 billion of issuance recorded by Artemis.

You can analyse catastrophe bond issuance by type of deal in this chart, which you can filter using the key to view only private cat bond issuance.

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).