Artemis mission highlights from the past week

The reinsurance brokerage sector saw a major deal this week as Willis Re reached an agreement to acquire BMS Group’s U.S. reinsurance division. The purchase includes BMS Re’s U.S. operations, its capital advisory unit, and a London-based reinsurance broking team.

Deal expands Willis Re’s U.S. presence

The acquisition covers BMS Intermediaries Inc., BMS Capital Advisory LLC, and the associated U.S. reinsurance broking team currently based in London. BMS Group will keep its global wholesale and specialty insurance operations outside the U.S., including its London and international reinsurance teams.

Market rankings show Munich Re and Lloyd’s leading

AM Best’s latest global reinsurer rankings placed Munich Re at the top among IFRS 17 reporters, while Lloyd’s surpassed Berkshire Hathaway in the non-IFRS 17 category. The rankings, based on year-end 2025 data, revealed changes in capital distribution across the industry.

Related: UBS to marginally increase cat bond allocations

New cyber ILS fund debuts in Bermuda

Beazley and Integral ILS Ltd. launched a cyber insurance-linked securities fund in Bermuda, targeting institutional investors interested in cyber risk exposure. The fund will issue catastrophe bonds and other ILS instruments to support Beazley’s expanding cyber insurance portfolio.

Cyber ILS remains a developing concept, with most transactions so far occurring as private collateralized reinsurance deals. The Beazley-Integral partnership represents one of the first efforts to create a dedicated fund for cyber risk transfer, a segment that has struggled to attract traditional ILS investors due to modeling challenges and aggregation concerns.

The fund will initially focus on U.S. and European cyber risks, with plans to expand as modeling tools improve. Integral ILS, which specializes in catastrophe bond investments, will manage the fund’s assets, while Beazley retains underwriting authority.

Related: Netcore rebrands as Netcore.ai with growth accountability

U.S. severe convective storm losses exceeded $35 billion by mid-2026, according to Gallagher Re. The broker noted that while the first quarter was quiet, losses surged in May and June, driven primarily by hail and straight-line winds.

The Inter-American Development Bank structured its first parametric catastrophe swap for Belize, securing $20 million in hurricane risk transfer from Swiss Re. The three-year swap provides immediate payouts if wind speed thresholds are met during a storm.