The global catastrophe-bond market just wrapped up its second-best issuance year ever: With approximately $6 billion in fresh capital raised, according to the "PCS Year-End 2012 Catastrophe Bond Report: Meeting Expectations," 2012 follows only 2007, in which sponsors raised $7 billion. 

Barriers to widespread adoption persist, however, especially among midmarket issuers. If the insurance-linked-securities catastrophe-bond community can become more accessible to smaller sponsors, the potential for overall market growth is significant.

Let's take a look at the catastrophe bond market's "checklist for growth," particularly as it pertains to the midmarket: 

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