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U.S.-based investment firm JMP Securities L.L.C. said that insurance-linked securities and collateralized reinsurance providers could struggle to increase their market share in Japan at the April renewals despite the country suffering large catastrophe losses, Artemis.bm reports. Analysts at JMP Securities said that Japanese insurers' relationships with traditional reinsurers continue to dominate the reinsurance sector while foreign reinsurers look to use Japanese catastrophe exposure to diversify their global risk portfolio.