Private ILS offers better spreads than cat bonds; market remains attractive: Ruoff, Schroders Capital

Despite a decrease in spread multiples, the private insurance-linked securities (ILS) market continues to remain attractive both in absolute terms and in comparison, to the catastrophe bond market, Stephan Ruoff from Schroders Capital told Artemis.

Ruoff, who serves as Co-Head of Private Debt & Credit Alternatives, Chairman ILS at Schroders Capital, recently spoke to Artemis to share what the organisations outlook is for the private ILS sector in 2026.

Private ILS strategies, such as collateralized reinsurance, retrocession and other privately negotiated placements, showed demonstrated heightened activity and investor engagement throughout 2025.

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