NEW YORK–Catastrophe bonds and other risk securities are seeing steady growth and appear to have a bright future, said industry experts, despite opinions to the contrary that the vehicles were fated to obscurity just a few short years ago.

In a panel discussion at the Bond Market Association's Insurance and Risk Linked Securities Conference here yesterday, securities experts discussed the current state of the use of insurance securities and the drivers behind their growth.

Christopher McGhee, managing director at MMC Securities Corp., a subsidiary of the New York-based services firm Marsh & McLennan, observed that the growth in risk link securities has been slow and that “there was not a lot of interest in them” initially.

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