(Bloomberg) -- Funds specializing in insurance- linked risks such as catastrophe bonds are benefiting as the $30 trillion pension industry increases bets in a market that hasn’t posted an annual loss.

At Leadenhall Capital Partners in London, assets under management have doubled to $1.6 billion this year with more than 90 percent coming from pension funds. Nephila Capital Ltd., manager of the world’s biggest fund of insurance-linked securities, or ILS, has seen assets under management triple in the past five years to about $9 billion.

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