Perhaps this exhaust bracket assembly. I consider it important in that it prevents excessive strain on the down pipe and exhaust header, especially when the whole exhaust system is being wrestled around such as during exhaust system repair with the rear clamps disconnected from the chassis or the cat section hanging down under its own weight.



The main bracket is p/n 1357917, #8 in Volvo diagrams, fitment listed for '85-'95 B230F/FT 700/900, still available in the Volvo parts chain for around $10 (also ipd around $12).

Your missing loop part of the bracket is p/n 1276583, #6 in diagrams, also still avail for around $18. The flat clamp that secures it is #9 in diagrams, p/n 1306768, called a washer(?), two needed?? (vertical, horizontal), bolt is separate, avail for around $2.

https://www.volvopartswebstore.com/products/Volvo/1995/940-23l-Fuel-Injected/Exhaust-Bracket-Exhaust-Bracket/1203690/1276583.html
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Dave -still with 940's, prev 740/240/140/120 You'd think I'd have learned by now