Guarded optimism hinges on new tools

Catastrophe bonds

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For years, boosters of the insurance-linked securities market – particularly the catastrophe bond market – have proclaimed the market was just about to turn a corner, only to be embarrassed by soft issuance and a lack of investor demand for these products. Following September 11, insurance executives often said that the post-attack market, coupled with some long-term trends in place before the event, would create an ideal environment for cat bonds. But in the first half of 2002, issuance has

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