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NEW YORK — The rise of insurance-linked securities has had the effect of flattening the reinsurance-pricing cycle, and preventing rates from rising, according to a former reinsurance executive.

Speaking at Keefe, Bruyette & Woods’ Insurance Conference held here, Don Kramer, now CEO of ILS Capital Management, noted that the aftermath of the 2011 catastrophe events shows the impact insurance-linked securities have had on the marketplace.

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