The Property Cat market grew when the wind blew hard and knocked down the surplus of the direct property insurers in the Gulf Coast and Eastern United States. Bermuda became the home of many of these Property Cat reinsurers and are often known by their year of incorporation or their "class year."
Recently, Aon Benfield, a world wide reinsurance broker, issued a study on the Property Cat marketplace. You can find the study here. The study provides a very positive review of the Property Cat market as high quality credit protection for direct insurers. Here's one quote from the opening of the paper entitled "Credit Risk of Property Catastrophe Reinsurers."