Investors continued pouring into the reinsurance market in the second quarter, with a record volume of non-life catastrophe bonds issued.

The $US4.5 billion ($4.79 billion) of bonds beats the previous record of $US3.5 billion ($3.72 billion) in the second quarter of 2007, according to Willis Capital Markets and Advisory.

A $US1.5 billion ($1.59 billion) bond for Florida government-owned insurer Florida Citizens is the largest cat bond ever issued.

Willis Capital CEO Tony Ursano says the market is evolving from a niche, emerging segment to a more mainstream alternative asset class.

He expects the third quarter to be relatively quiet but says the fourth should be busy, and he is optimistic for a record full year, with $US8-$US9 billion ($8.51-$9.57 billion) of bonds issued.