ART stands for alternative risk transfer. This refers to all types of risk transfer that lie outside the boundaries of the traditional insurance model (traditional: transfer → alternative risk transfer). Risk from → Policyholder to a → Insurer, under certain circumstances transfer of parts of the → Risks to reinsurers, possibly passed on to other reinsurers, so-called retrocessionaires. Result: bundling of risks and expansion of the capital pool). In contrast to the traditional insurance model, there are structured, multi-year, multi-line insurance solutions, securitisations (insurance-linked securities) and transfers of bundled risks to the capital market as well as various forms of risk assumption by→ Policyholder (esp. → Captive)

Source reference: See VDT publication "VDT article series part 5 l Glossary" and the source indicated there.