Catastrophe bonds, sold by insurers and reinsurers to cover extreme risks, could emerge relatively unscathed from the disaster in Japan, insiders said. "It's almost like hole-in-one insurance," said Nelson Seo, co-founder of Fermat Capital Management. "It's been very good returns, and most of the investors in this space have been very happy with it." Over the past five years, cat bonds have returned 64%. SIFMA's Insurance and Risk Linked Securities Conference is March 30, register today.