Anyone who thinks that the world of insurance-linked securities is too indigestible and dull to generate excitement got a rude awakening last week, when sparks of contention flew between advocates and opponents of the government's role as a reinsurance provider for claims after catastrophic storms.

A financial advisor to three of Florida's reinsurance backstop programs and a representative of ProtectingAmerica.org, a group that advocates public/private reinsurance initiatives, says that the government should develop reinsurance backstop programs. Private market advocates, however, abhor the thought.

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