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Who would have thought we would be here today, watching the ILS issuance ticker push above the $5bn mark for the year?

Two years ago, the convergence market was staring into the abyss as the global financial crisis threatened to collar the sector that had sold itself as untouchable and bring the market down.

So, surely, the resurgence of new cat bond issuance this year is cause for celebration?

On the face of it we should be hanging out the...

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