Artemis London 2023 brought together reinsurance and insurance-linked securities (ILS) professionals for a day of market analysis, investor sentiment discussions, and technical deep dives. The event covered everything from third-party capital trends to the emerging cyber catastrophe bond market, with sessions led by executives from Lloyd’s, the World Bank, and major ILS firms.
The day opened with a welcome from Steve Evans, editor-in-chief of Artemis, followed by a keynote from Burkhard Keese, Lloyd’s CFO. Keese addressed the role of third-party capital and ILS in the current reinsurance environment, setting the tone for discussions on investor behavior and market conditions. A panel moderated by Lorenzo Volpi of Leadenhall Capital Partners explored how investor sentiment is shifting amid tightening rates and evolving risk appetites.
Cyber risk took center stage in the second panel, led by Kyle Freeman of AXIS ILS. Experts from Sidley Austin, CyberCube, and Aon examined the development of cyber catastrophe bonds, a niche market still awaiting its first full issuance. The discussion highlighted structural challenges, including how to define cyber triggers and price complex exposures. Rebecca Bole of CyberCube noted that while demand exists, underwriting standards and data availability remain hurdles.
The lunch break provided networking opportunities before the afternoon sessions. Jorge Familiar, vice president and treasurer of the World Bank, delivered the second keynote, outlining the bank’s involvement in disaster risk financing through ILS. His remarks contrasted with earlier discussions on private sector ILS, emphasizing public-private collaboration in climate resilience.
Parametric triggers in cat bonds were a recurring theme, with Rowan Douglas of Howden Group moderating a panel on their future role. Innovations in parametric structures, such as those using satellite data, were framed as a way to streamline payouts for natural disasters. Stephen Lathrope of ICEYE argued that these tools could reduce basis risk, though scalability and standardization remain obstacles.
By the event’s close, speakers and attendees debated what lessons the ILS market should carry into the upcoming Monte Carlo Rendez-Vous. Topics included sustaining raised returns in cat bonds and private ILS, with Philipp Kusche of Howden Tiger Capital noting that while conditions are favorable now, competition and capacity constraints could reshape pricing. A final panel, led by Alex Mican of Verisk, synthesized takeaways on investor priorities and market gaps.
