Two new private catastrophe bond, or cat bond lite deals have emerged, with $35 million of privately placed insurance-linked securities (ILS) notes issued by a Bermuda based Artex Risk Solutions owned transformer entity, Artemis has learned.Both of these transactions have emerged at the same time and have the same maturity date as well, suggesting there may be a link, in terms of either the source of the risk or the investor(s) or ILS manager the notes have been transformed for.The two transaction are, or ILS deal has been issued by the Artex structure, and a $15 million Jedburgh notes private cat bond or ILS deal from the same vehicle.Both of these new private cat bond transactions, or cat bond lites, have been issued by the Artex Axcell Re (Bermuda) Limited transformer and cell facility, which is operated by Artex Risk Solutions.

This structure has been regularly used over the years for transacting or transforming reinsurance related risks, including through the issuance of private insurance-linked securities (ILS) notes, ranging from collateralized reinsurance to private cat bonds with the help of facilitator Artex.For the larger Harrogate notes issuance, Artex Axcell Re (Bermuda) Limited, under its ILS Note Program II, having issued $20 million in Harrogate notes on behalf of a segregated account identified as PI0056.For the slightly smaller Jedburgh notes issuance, Artex Axcell Re (Bermuda) Limited, under its ILS Note Program II, having issued $15 million in Jedburgh notes on behalf of a segregated account identified as PI0058, we understand.

Both of these new private cat bond issuances have the same maturity date of December 15th 2025, which suggests these could each represent sections of, or distinct, hurricane season reinsurance or retrocessional covers, or eventransformed and securitized industry-loss warranty (ILW) hedges.The $20 million of PI0056 Harrogate private cat bond notes and $15 million of PI0058 $15 million in Jedburgh notes issued by Artex Axcell Re have been privately placed with qualified institutional investors and are now listed on the Bermuda Stock Exchange (BSX).It is interesting to note the gap in the numbered identifier sequence, which suggests there could be an additional issuance out there we have not seen yet.

As with every private ILS or cat bond deal that we uncover, until we learn more details we assume these cover a property catastrophe reinsurance or retrocession risk.But, as said, given the term to maturity in December this year, it’s highly possible they represent a coverage put in place for the Atlantic hurricane season.With these latest private cat bonds, or private insurance-linked securities (ILS), annual issuance in 2025 so far of these types of deals tracked by Artemis is now approaching the $400 million mark.

In fact, the total for this year is now nearing the volume of private cat bond deals we tracked last year, so it looks like this will be a more active year for this type of ILS arrangement., which you can filter using the key to view only private cat bond issuance.You can view details on every private cat bond we’ve tracked in the .

Use the filters to view only private cat bonds (filter by type).You can also .We’ve added these two new transactions, the $20 million private cat bond and the $15 million Artex Axcell Re – Jedburgh notes private cat bond, to the , and what data points we have on the arrangement will be included in our catastrophe bond and ILS market statistics..

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