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Analysis by U.S.-based research firm CreditSights Inc. found that the majority of hurricane-related capital market losses have been assumed by structures outside the catastrophe bond space such as sidecars, industry loss warrants and collateralized reinsurance covers, Artemis.bm reports. Analysts at CreditSights said that cat bonds are unlikely to face severe write-downs due to relatively high trigger levels and the fact that each individual hurricane was not severe enough. U.S.-based ratings agency A.M. Best Co. Inc. said that it expects the alternative capital space to assume up to $25 billion of the overall insurance and reinsurance industry loss of $90 billion.