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Nick Hartry, an official at Insurance Australia Group Ltd., said that its recently issued $75 million Australia ($53 million) catastrophe bond provides a diversified form of reinsurance along with its traditional and collateralized arrangements, Artemis.bm reports. Mr. Hartry said that the expansion of the global cat bond market and favorable insurance-linked securities regulations in Singapore encouraged the insurer to sponsor its first cat bond transaction to cover Australian catastrophe risks.