The catastrophe bond market ended 2014 with a busy fourthquarter, resulting in a new industry record of more than $8 billionof 144A property and casualty (P&C) bonds issued for theyear.

The activity followed one of the slowest third quarters sincethe P&C catastrophe bonds were first issued in the mid-1990s,according to a new briefing and analysis by GC Securities, adivision of MMC Securities Corp. Total risk capital outstanding asof Dec. 31, 2014, was $22.868 billion, which is the highest levelof outstanding risk capital that the market has ever supported.

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Rosalie Donlon

Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].