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A report by U.K.-based Fitch Ratings Ltd. said that Singapore is expected to become a global hub for insurance-linked securities business in Asia amid favorable legislation and increasing demand from reinsurers, Artemis.bm reports. Fitch said that reinsurers from countries such as China and Japan where reinsurance has lower profitability are likely to use Singapore's market to issue ILS and catastrophe bonds. Singapore has already passed laws for setting up special purpose reinsurance vehicles and plans to implement regulation to establish a protected cell company for collateralized reinsurance, the ratings agency added.