The catastrophe-bond transactions that closed during the fourth quarter were worth a total of $2 billion, amounting to 43% of bond activity last year, according to a report from Aon Benfield. "Strong investor demand for diversifying risk was witnessed in the fourth quarter of 2011, which facilitated a total upsizing of $800 million across the insurance-linked securities transactions brought to market," said Paul Schultz, president of Aon Benfield Securities.

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