The value of catastrophe bonds issued last year dropped to $4.3 billion, down from $4.8 billion in 2010, a Willis Group Holdings report says. "This shortfall relative to 2010 arose in the first half of the year and was driven by several factors," which "included some sponsors accelerating issuance into the fourth quarter of 2010 and the uncertainties caused by loss activity in early 2011, coupled with a significant change to the [Risk Management Solutions] model for U.S. hurricane risk," the report says.

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