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Most of us took the news that Hannover Re had given up on the renewal of its Kepler Re sidecar in our stride - just another sidecar hitting the skids. A statistic to add to the more than $6bn+capital markets capacity that has deserted the proportional reinsurance space in the last 18 months, we said.

But is it actually another warning sign that the capital markets are missing a trick, if investors could just find the capital?

With hardening traditional...

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