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Peru government confirms $60m cat bond payout on the way

The Ministry of Finance of the Government of Peru has confirmed that it is awaiting a $60 million payout from the World Bank after a recent earthquake triggered its catastrophe bond protection, coverage that it said complements its national risk management policy.Peru benefits from $200 million of catastrophe bond backed read the full article →

Fannie & Freddie quake risk transfer raised at Senate hearing

The subject of whether the two main government-sponsored enterprises (GSE’s) in mortgage risk, Fannie Mae (the Federal National Mortgage Association) and Freddie Mac (the Federal Home Loan Mortgage Corporation), should buy earthquake insurance was raised at a Senate hearing this week.At a hearing of the full U.S. Senate Committee on read the full article →

Peru cat bond pay out of $60m for earthquake confirmed

Peru's earthquake catastrophe bond will make a $60 million partial pay out of its principal to the country after its parametric triggering was confirmed in the calculation agent report, it has now been confirmed to us.This $200 million IBRD CAR 120 Peru quake catastrophe bond, part of the World Bank's read the full article →

New Zealand earthquake reinsurance program grows to $6.2bn

The New Zealand Earthquake Commission (EQC), the state-owned residential property disaster insurance entity, has purchased its largest ever reinsurance program, with coverage running up to $6.2 billion.That's a 12% increase on the $5.55 billion reinsurance program purchased in 2018 and a 28% increase in reinsurance limit since its 2017 program read the full article →

Peru cat bond payout decision within 20 days: Minister of Finance

The decision as to whether Peru's earthquake exposed IBRD CAR 120 catastrophe bond will payout a portion of the investor principal is expected within 20 days of the magnitude 8.0 earthquake that struck Peru on Sunday 26th May, according to the country's Finance Minister.Carlos Oliva, the Minister for Finance and read the full article →

Peru’s World Bank cat bond could be triggered by M8.0 earthquake

A magnitude 8.0 earthquake that struck Peru yesterday, Sunday 26th May, could trigger the IBRD CAR 120 catastrophe bond, which was part of the Pacific Alliance issuance, with the available data suggesting that a 30% loss of principal should be expected by investors in the cat bond.The magnitude 8.0 earthquake read the full article →

Parametric California quake BI insurance developed by Swiss Re

Global reinsurance firm Swiss Re has partnered with program manager Arrowhead and insurance partner Falls Lake to launch an innovative parametric California earthquake business interruption insurance product for commercial clients.Swiss Re has developed the proprietary risk model for the earthquake business interruption insurance product named Quake Assist.Working with primary insurance read the full article →

Anchorage, Alaska hit by magnitude 7.0 earthquake

An earthquake struck around 12 kilometres to the north of Anchorage, Alaska on Friday 30th November, causing widespread damage to infrastructure and an expectation of thousands of minor incidences of property damage as impacts to homes were also widespread, although not expected to result in severe losses.The USGS said there read the full article →

Golden State Re II 2018 cat bond shrinks slightly, priced at top-end

It appears that investor appetite for the new Golden State Re II Ltd. (Series 2018-1) catastrophe bond, that provides reinsurance protection for workers compensation claims caused by earthquakes, has not been as high as expected, as the deal has shrunk slightly to $210 million in size, while the pricing has read the full article →

Golden State Re II 2018 workers comp quake cat bond renewal launches

A renewal of the only catastrophe bond in the market that provides its sponsor with reinsurance protection for workers compensation claims caused by earthquakes is underway, as a currently $225 million Golden State Re II Ltd. (Series 2018-1) transaction has been launched to the market.This is now the third cat read the full article →