202: Broadening the non-cat ILS landscape: Artemis London 2025

This podcast episode features the third panel discussion of the day at Artemis London 2025, a session focused on the non-catastrophe opportunities in ILS, 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 "Broadening the non-cat ILS landscape", was moderated by Des Potter, Special Advisor, Lloyd’s (INED – Howden Capital Markets & Advisory).

He was joined by: Jonathan Gray, Chief Underwriting Officer, Pool Re; Sébastien Bamsey, Managing Director, Howden Capital Markets & Advisory; Callum O’Rourke, Vice President, Neuberger Berman; and Fergus Reynolds, Head of ILS, Cedar Trace.

Our expert speakers discussed the non-catastrophe insurance-linked securities market, highlighting its still relatively small but now growing size.

Key areas of focus included terrorism, cyber, and quota share structures to access broader types of risk, as well as innovations around stop-loss notes and the potential for investors to access new classes of risk via Lloyd’s.

The panel emphasised the need for transparency, modelling accuracy, and building investor comfort, particularly in non-property risks.

They also discussed the role of London Bridge in facilitating ILS transactions at Lloyd’s and the importance of continued regulatory responsiveness and cost-efficiency.

The conversation underscored the potential for growth in non-cat ILS, driven by demand for flexible capital and diversification benefits, but also noted that communicating the opportunity is key with both cedents and investors.

Listen to this full podcast episode from our Artemis London 2025 conference to learn more about insurance-linked investment opportunities outside of catastrophe risks.