In June 2022, US primary insurance giant State Farm returned to the catastrophe bond market and secured $500 million of US property catastrophe reinsurance protection from two series of cat bond notes. Such "cat bonds" have been developed to shift risk from _____ to the financial markets.

a.) oil companies engaged in mid-sea explorations such as BP

b.) investment banks such as Goldman Sachs

c.) insurers such as State Farm

d.) rating agencies such as Moody's

e.) real-estate developers such as Greystar