Although 2008 was well off of the record-setting 2007 pace for catastrophe bond issuance, the cat bond market generally withstood the impact of negative market forces for the year, Guy Carpenter & Company reported.
The brokerage's study, "Cat Bonds Persevere in Tumultuous Market," shows 2008 was the third most active year for the cat bond market since the bonds were introduced in 1997.
The year saw $2.7 billion in new and renewal capacity, derived from 13 issues. In 2007, there were 27 bond issues, accounting for $7 billion in capacity. The 2008 figures also lagged behind 2006 totals, which saw 20 issues for $4.7 billion in capacity.
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