The catastrophe bond market will find it difficult to produce the expected $4 billion issuance by year's end as no major hurricane is in sight and the reinsurance sector already poured catastrophe bonds worth $2.35 billion into capital markets before the storm season, according to Standard & Poor's. "The relative attractiveness of traditional reinsurance as an option will dampen the issuance of cat bonds over the next 12-24 months," said an analyst with the ratings firm.

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