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The cat bond market seems to be growing increasingly fractious as it elbows its way through its 13th year.

This adolescent market - it can be dated back to Hannover Re's Kover in 1994, but is widely accepted as being born in 1996 - is being forced to learn some harsh lessons, as early versions of cat bonds throw up challenging questions.

We are not quite at the door-slamming stage yet, but voices are being raised to question the status...

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