In April 2026, our sister publication Artemis held its seventh Bermuda ILS Executive Roundtable in Hamilton, where leaders and experts across the insurance-linked securities (ILS) and reinsurance sector discussed current market trends and future opportunities.
In partnership with international law firm Appleby and Moody’s Analytics, a global provider of data, intelligence and analytical tools, the Artemis Bermuda ILS Executive Roundtable 2026 report is now available to download for free.
This year’s roundtable brought together seven ILS market experts representing different parts of the ecosystem, from fund managers to legal, to discuss the momentum being seen in catastrophe bonds and ILS following a record-breaking 2025 and a busy start to 2026, as well as the continued importance of Bermuda’s role in the market.
Speakers highlighted that ongoing momentum in the cat bond market has been driven by strong demand from both repeat and first-time sponsors. They also noted the growing inclusion of new risks, supported by advances in catastrophe modelling and increasing confidence in the asset class among sponsors and investors.
“It’s obviously been a great year last year in the market. If I think about what we’re seeing this year already, I feel like as a law firm, we’re sending out a cat bond quote once a week,” said roundtable participant Brad Adderley, Bermuda Managing Partner at Appleby. “We’re also seeing new lines of risk being included into cat bonds. More than once, we’ve gone to the BMA to ask whether we can add X or Y. It means people are thinking differently, and I’m guessing investors are happy to take on new risk as part of a group of risks.”
The discussion also explored the extent to which catastrophe bonds have become a mainstream investment product, with participants considering whether developments such as rated bonds, pooled ILS offerings, and greater secondary market liquidity could attract new sources of capital and broaden the market’s appeal further.
“Moody’s RMS cat models are market leading and give a robust way to quantify risk, and we’re seeing investors become more comfortable taking that risk. We expect the cat bond market to become more mainstream within fixed income, which should attract new capital, support growth, and help close the protection gap,” said Christer Pehrson, Global Head ILS Client and Market Development, Moody’s Analytics.
Positive developments in the private ILS market were also highlighted, including rising investor demand for fund-of-one structures and a broader acceptance of ILS solutions as part of the risk transfer landscape.
Another key topic was casualty ILS, with executives acknowledging the significant growth potential in the segment, but also noting the challenges compared with property catastrophe risks, including modelling complexities and lengthy transaction timelines.
Participants also discussed how firms can maintain a competitive edge in the current environment, emphasising the importance of transparency, data quality, analytics, and operational efficiency. Looking ahead, they highlighted areas where the market should focus as it continues to evolve and expand.
