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The insurance-linked securities (ILS) market proved its flexibility in the year to June 2011 with sidecar and industry loss warranty business expanding as public catastrophe bond issuance shrank, broker Aon Benfield Securities said in its annual report on the sector.

There were $11.5bn outstanding cat bonds on issue at 30 June, down by $1.7bn from the previous June as second quarter sales stalled and failed to outpace high volumes of 2008-vintage bonds rolling off risk.

Although competitive traditional reinsurance prices...

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