From hard market to normalisation: Cat bond discipline in practice - Artemis London 2026
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This episode features the second panel discussion of the day at Artemis London 2026, a session focused on the catastrophe bond market, from our fifth cat bond and insurance-linked securities (ILS) conference in the City of London, UK, held on September 1st 2026.
This panel session was titled “From hard market to normalisation: Cat bond discipline in practice,” and was moderated by Nils Ossenbrink, Head of Distribution and Products, Twelve Securis.
Joining him for the discussion were: Florian Steiger, CEO, Icosa Investments AG; Charlotte Acton, Senior Director, Risk Advisory, Moody’s; John DeCaro, Founding Partner, Elementum Advisors; and Jonathan Gray, Chief Underwriting Officer, Pool Re.
The discussion explored the current status of a growing and evolving catastrophe bond market, focusing on “normalisation” and “discipline”. While market multiples have fallen, experts argued that structural discipline remains firm despite softening prices driven by high capital inflows across the reinsurance sector.
Panellists highlighted that while pricing is a function of supply and demand, true discipline requires rigorous risk assessment and robust modelling, particularly for secondary perils like wildfires or terrorism. In addition, the subject of price discovery was explored, with speakers debating whether there is sufficient transparency in the issuance process regarding size, price and timing when order books are regularly oversubscribed and spreads tighten multiple times.
The discussion emphasised that improved analytical granularity and transparency are essential as investors seek higher returns. Ultimately, successful participation depends on balancing quantitative data with qualitative due diligence to ensure adequate risk-adjusted returns, as well as alignment, in a competitive landscape.
Listen to this podcast episode for audio from our Artemis London 2026 conference, to learn more about the current state of the catastrophe bond market and our expert speakers thoughts on discipline through the softening market phase.