February 4th, 2009

Chart: Relative Contribution of Cat Bond Limits by Year

Posted at 12:57 AM ET

GC Securities, a division of MMC Securities Corp.*

As a whole, in terms of issuance volume, 2008 was the third busiest year since catastrophe bonds were introduced in 1997, accounting for 11 percent of all issuances. Risk capital issued was above the 11-year average of USD2.1 billion, and the USD2.7 billion issued last year came to market at a time when reinsurers had excess capital on their balance sheets.

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* Securities or investments, as applicable, are offered in the United States through GC Securities, which is a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Advice on sSecurities or iinvestments, as applicable, are offered in the European Union byis provided through GC Securities, a division of MMC Securities (Europe) Ltd., authorized and regulated in the UK by the Financial Services Authority. Securities or investments, as applicable, are offered in the United States through GC Securities, which is a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities Corp., GC SecuritiesMMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.

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