Resurgent investor interest in ILS and an expanding opportunity set: ILS NYC 2025

On Friday February 7th, around 415 attendees enjoyed a day of engaging, inspirational talks and valuable networking at our Artemis ILS NYC 2025 conference, hearing from our expert speakers that investor interest in catastrophe bonds and insurance-linked securities (ILS) is resurgent, while the ILS investment opportunity set is expanding.

Over 250 organisations were represented from around the world, across a mix of ILS industry participants, insurance and reinsurance specialists, institutional end-investors as well as those considering allocating to the asset class, entities looking for efficient risk transfer, and service providers to the sector.

From our perspective it was a fantastic day and we thank our attendees for their engagement, our speakers for openly sharing their insight and deep expertise, and our valued sponsors for their kind support of the conference.

The eighth in-person event since 2017 and the ninth in our ILS NYC series followed its traditional format, with long speaking sessions that gave our experts plenty of time to get deep into the details of their panel topics, interspersed with plenty of networking and meeting time.

The first panel session of the day focused on private ILS strategies, exploring whether this market segment is primed for expansion and growth, and was moderated by Lorenzo Volpi, Deputy CEO and Managing Partner, Leadenhall Capital Partners LLP.

Joining him were: Eveline Takken-Somers, Senior Director, Lead Portfolio Manager – Insurance Portfolio, PGGM; Mark Booth, Chief Risk Officer, Vantage Risk; George Evans, Managing Director, Relative Value Sector Head, Aksia LLC; and Aditya Dutt, President, Aeolus Capital Management.

This panel discussed the attractiveness of the private ILS and collateralized reinsurance market today, explaining that in response inflows have been increasing of late. They said that the last two years of returns have once again demonstrated the return-potential of ILS investments, while the asset class continues to deliver the investor-base a diversifying source of returns.

The discussion also highlighted the importance of pricing, terms, and conditions reflecting the true risk profile, and the need for better risk modelling and data to account for climate change, as well as to make perils such as wildfire more understandable. The panel also noted the potential for increased investment from multi-strats and hedge funds, as well as the importance of structural efficiencies in the ILS market, so investors can deploy capital and earn sustainable returns over the long-term.

The second session dived into the subject of parametric ILS investments, looking at how opportunities to invest in parametric structures are increasing, and was moderated by Martin Malinow, CEO, Parameter Climate.

Discussing this topic with Malinow were: Tanguy Touffut, CEO, Descartes Underwriting; Urs Ramseier, Executive Chairman & CIO, Twelve Capital; Sandra DeSilva, President & CEO, Mythen Re Ltd.; and Sandeep Ramachandran, Portfolio Manager, Pier61 Partners.

This panel discussed the growth of parametric products beyond nat cat and weather, to cover non-catastrophic risks like energy demand, agriculture, and renewable energy. The market has seen significant expansion, with parametric products now covering a growing range of perils, including earthquakes, wildfires, and cyber risks. The discussion also emphasised the benefits of parametric products, such as faster payouts, transparency, and reduced basis risk, as well as their potential to address the protection gap.

The panel also explored the role of alternative capital and ILS funds in supporting parametric risk transfer, explaining the potential for some parametric ILS investments to deliver a superior value-proposition for investors, with attractive returns, a chance of better liquidity, and predictability in transaction terms.

Our third session at the conference saw Philipp Kusche, Global Head of ILS, Howden Capital Markets & Advisory moderating a panel discussion on the catastrophe bond market, to explore finding market balance for both sponsors and investors.

Participating in this session were: Zhak Cohen, Managing Director, Gallatin Point Capital; Jennifer Montero, Chief Financial Officer, Citizens Property Insurance Corporation; Chin Liu, Director – Insurance Linked Securities, Fixed Income Solutions, Amundi US; and Peter Miller, Senior Vice President, Neuberger Berman.

Significant growth is forecast for the catastrophe bond market, with the panellists believing 2025 could be another record year for issuance.

Investors emphasised the importance of long-term profitability and the need for rate and premiums to remain adequate for the risks being assumed. The discussion also highlighted some challenges that have been faced over the last year, including pricing volatility and the recent impact of the California wildfires.

Sponsors on the panel also shared their experiences, noting the difficulty in securing full capacity requirements at times and so the importance of strategic planning and management of the pipeline. The panel also touched on the potential for growth in the ILS market, the need for better communication between parties, and the effect of regulatory reforms in Florida on litigation rates.

The fourth themed session focused on the casualty ILS investment opportunity, with moderator John Seo, Co-Founder, Managing Director, Fermat Capital Management and his panellists discussing the growth opportunity and why this emerging segment is primed for growth.

This panel saw participation from: David Ni, Chief Strategy Officer, Enstar Group; Andras Bohm, Head of U.S. Capital Solutions & Advisory, BMS Group; Amy Stern, Chief Executive, Reinsurance, Ledger Investing; and Bob Forness, CEO, MultiStrat Group.

This panel discussed the evolution and potential of the casualty insurance-linked securities (ILS) market, forecasting an opportunity to grow the segment from an estimated $3-4 billion current base to potentially exceeding $10 billion by 2026.

Key points in the conversation included the shift from catastrophe-focused ILS to casualty ILS, driven by improvements to the infrastructure of the ILS market, as well as investor interest in accessing new classes of insurance risk. The casualty ILS market’s growth is largely attributed to risk sourced through whole account quota shares, which the panel said enable stable, diversified portfolios to be constructed for investors. The discussion also highlighted the importance of exit solutions to provide investor certainty of liquidity, the need for strong partnerships, and that underwriting discipline is key to manage risks and ensure sustainable growth of the casualty ILS space.

The final speaking session was our traditional wrap-up Q&A session with the four expert moderators of earlier panels, chaired by Steve Evans of Artemis.

This session reflected on some of the themes of the conference and also discussed the California insurance market’s future after the recent wildfires, particularly the provision of risk capital to that peril and the appetite of investors to support that. Speakers noted the complexity and different investor comfort levels with wildfire risks, noting a shift towards more conservative attitudes. The importance of risk adequate reinsurance pricing and the role of consumer advocates and politicians were also touched on.

This conversation also covered the potential of parametric weather risk as a financial battery for renewables, with estimates suggesting a market size of $5-10 billion is possible. Additionally, the panel explored the challenges and opportunities in the casualty insurance-linked securities (ILS) market, noting its potential to grow significantly in the coming years.

The discussions on stage throughout the day highlighted the continuing growth in potential of the catastrophe bond and ILS asset class, as well as the expanding opportunity set now being presented to an increasingly diverse investor base.

Thank you again to everyone who attended the event, to our wonderful speakers and supportive sponsors.

We look forward to seeing many of you at next year’s ILS NYC 2026 event and our conferences to be held later this year (dates to be announced soon)!

Video footage from our ILS NYC 2025 conference will be made available in the coming weeks.

Watch videos from our previous Artemis conferences.

For all enquiries regarding sponsorship opportunities for future Artemis events please contact [email protected].

Our conference sponsors for ILS NYC 2025 can be seen below. We thank them all for their valued support:

For all enquiries regarding sponsorship opportunities for future Artemis events please contact [email protected].