(Bloomberg) -- Pension and hedge funds flush with cash and hungry for yield are creating a market for reinsurers willing to look past the price cuts these investors have inflicted on traditional catastrophe coverage.

The growth of insurance-linked products that allow investors to participate in the reinsurance market is “more friend than foe,” Henning Ludolphs, who oversees this burgeoning area of business at Hannover Re, said at a press conference in Hanover on Tuesday. “The world is changing.”

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