Our latest video features the second panel discussion of the day at our recent Artemis London 2026 catastrophe bond and insurance-linked securities conference, a session focused on catastrophe bonds and what the current state of the market means for investor, ILS investment manager and sponsor discipline.
Our Artemis London 2026 conference, the fifth in the series, was held on September 1st and around 220 attendees came through the door on the day to hear a range of insightful discussions from insurance-linked securities and reinsurance market leaders.
Attendees to the conference came from across the marketplace and around the globe, representing ILS specialists, insurance and reinsurance buyers, specialist ILS market service providers, end-investors and more, with over 120 organisations there.
This second panel session of the day was titled “From hard market to normalisation: Cat bond discipline in practice.”
It was expertly moderated by Nils Ossenbrink, Head of Distribution and Products, Twelve Securis.
Joining him for the discussion were: Florian Steiger, CEO, Icosa Investments AG; Charlotte Acton, Senior Director, Risk Advisory, Moody’s; John DeCaro, Founding Partner, Elementum Advisors; and Jonathan Gray, Chief Underwriting Officer, Pool Re.
The discussion explored the current status of a growing and evolving catastrophe bond market, focusing on “normalisation” and “discipline”.
While market multiples have fallen, our expert speakers argued that structural discipline remains firm despite softening prices driven by high capital inflows across the reinsurance sector.
Panellists highlighted that while pricing is a function of supply and demand, true discipline requires rigorous risk assessment and robust modelling, particularly for secondary perils like wildfires or terrorism. In addition, the subject of price discovery was explored, with speakers debating whether there is sufficient transparency in the issuance process regarding size, price and timing when order books are regularly oversubscribed and spreads tighten multiple times.
The discussion emphasised that improved analytical granularity and transparency are essential as investors seek higher returns.
Ultimately, successful participation depends on balancing quantitative data with qualitative due diligence to ensure adequate risk-adjusted returns, as well as alignment, in a competitive landscape.
Watch the full video from our Artemis London 2026 conference to learn more about the current state of the catastrophe bond market and our expert speakers thoughts on discipline through the softening market phase.
Thank you again to everyone who attended Artemis London 2026, to our expert speakers and our supportive sponsors.
We will return to London next year and look forward to seeing many of you at our Artemis London 2027 conference.
Watch videos from our previous Artemis conferences.
For all enquiries regarding sponsorship opportunities for future Artemis events please contact [email protected].
Our Artemis London 2026 conference sponsors can be seen below, we thank them all for their valued support:
For any sponsorship enquiries for Artemis events please email us at [email protected].
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