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Stephen Catlin, chief executive of U.K.-based insurer and reinsurer Convex Group Ltd., said that firming of insurance and reinsurance rates could persist for the "next three to four years," Artemis reported. "Prices are nothing like what they were and a lot is still underpriced." Mr. Catlin believes that following heavy catastrophe losses in recent years, the likelihood of rapid insurance-linked securities market growth is much lower.