The financial markets have experienced their fair share of dark moments through the past few years, with the sovereign debt crisis only the latest drama to contend with. Meanwhile, the reinsurance industry itself has been plagued by a year of global natural catastrophes that will cost the insurance industry over tens of billions of dollars. But within this gloomy environment one set of assets has remained relatively unscathed.
Last year catastrophe (cat) bonds, which are designed to transfer
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