198: Private insurance-linked securities (ILS) - Scaling with investor confidence: Artemis London 2025

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

The panel, titled Private ILS: Enhancing Flexibility, Managing Complexity, Scaling with Investor Confidence, was moderated by Luca Albertini, Chief Executive Officer, Leadenhall Capital Partners LLP.

He was joined by: Chantal Berendsen, Hedge Fund IDD Senior Analyst, Insurance Specialist, Albourne Partners; Niklaus Hilti, Chief Investment Officer, Euler ILS Partners; and Stefan Knab, Managing Director, PG3 Insurance Core AG.

Our expert speakers discussed the evolution and current state of private insurance-linked securities investments, contrasting them with catastrophe bonds.

Key points raised during the session included the diverse investment opportunities available in private ILS, offering greater geographic diversification and a broader range of risk profiles for investors.

Panellists highlighted the importance of transparency, communication, and long-term relationships between managers and investors.

They noted the challenges of illiquidity and complexity in private ILS, but also its potential for higher returns through leverage and customisation.

Additionally, the discussion touched on the impact of reinsurance market conditions, the appetite of investors, and the strategic importance of maintaining relationships through market cycles.

Listen to the full podcast episode from our Artemis London 2025 conference to learn more about the state of play in the private insurance-linked securities (ILS) marketplace.