This episode features the second panel discussion of the day at Artemis London 2025, a session focused on the catastrophe bond market segment, from our fourth cat bond and insurance-linked securities (ILS) conference in the City of London, UK, held on September 2nd 2025.

The panel, titled Catastrophe bonds: Sustaining momentum as relevance grows, was moderated by Tanja Wrosch, Executive Director, Cat Bond Portfolio Manager, Twelve Securis.

She was joined by: Joe Tolen, Senior Investment Director, Credit Investment Group, Cambridge Associates; Gina Hardy, CEO, North Carolina Insurance Underwriting Association (NCIUA), North Carolina Joint Underwriting Association (NCJUA); Andre Rzym, Partner and Portfolio Manager, Man AHL; and Andy Palmer, Head ILS Structuring EMEA & APAC, Swiss Re Capital Markets.

Our expert speakers discussed the growth of the market as well as potential challenges in sustaining that through different and increasingly competitive reinsurance market conditions.

The need for efficient market processes was highlighted, as well as a desire to continue attracting and supporting new cat bond sponsors, including corporates and governments. 

The panellists also recognised that cat bonds and other ILS can still be a difficult sell to investors, with education and transparency remaining critical, while communication with sponsors was also highlighted. 

The discussion also covered the impact of ESMA’s recommendations on UCITS asset eligibility and how this might affect the cat bond market over-time, as well as the potential for product innovations in the catastrophe bond space.

Listen to this full podcast episode from our Artemis London 2025 conference to learn more about the state of play in the catastrophe bond marketplace.