The U.S. based National Railroad Passenger Corporation, better known as Amtrak, said that the just completed $275m PennUnion Re Ltd. (Series 2015-1) parametric catastrophe bond enables it to diversify its risk capital at an attractive cost.
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According to sources the first catastrophe bond from passenger railway company Amtrak has increased in size, with the PennUnion Re Ltd. (Series 2015-1) parametric cat bond looking set to complete later this week at $275m, up 38% from its initial marketed size.
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The completion and settlement of passenger rail company Amtrak’s first catastrophe bond, PennUnion Re Ltd. (Series 2015-1), has been delayed due to the uncertainty surrounding the forecast for recent hurricane Joaquin.
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A very interesting new catastrophe bond transaction has been launched to investors. PennUnion Re Ltd. (Series 2015-1) is a $200m (or larger) parametric U.S. storm surge, wind and earthquake bond, with the ultimate sponsor and beneficiary being passenger rail company Amtrak.
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