Caribbean regional cat bond planned with World Bank support

Work is underway to develop a catastrophe bond for the Caribbean region with the support of the World Bank, with four countries currently engaged and as many as four others thought likely to join the effort. The initiative hopes to have a multi-country or regional Caribbean catastrophe bond ready for market read the full article →

Jamaica cat bond may grow, or expand to cover Caribbean: World Bank MD

When a renewal comes up for consideration for the first catastrophe bond transaction to be sponsored by Jamaica, there is already some discussion regarding the need for a larger cover to be in place, or for it to be expanded to cover additional Caribbean island nations, a World Bank Managing read the full article →

Cat bonds for recovery highlighted by Caribbean Development Bank

Catastrophe bonds and parametric insurance have both been highlighted by the President of the Caribbean Development Bank (CDB) in a speech laying out priorities for 2022 and a plan for marshalling financing to support regional economies. The Caribbean Development Bank (CDB) is designing a “financing ecosystem” through which it aims to read the full article →

Jamaica cat bond is largest World Bank issue relative to beneficiary GDP

Fitch Ratings has made an interesting observation related to the Jamaica’s first catastrophe bond, the $185 million IBRD CAR 130 transaction that came to market in July. It represents the largest World Bank facilitated cat bond, relative to the sponsor government's GDP. That's important as it shows a catastrophe bond that read the full article →

Cat bond not a “handout”, Jamaica aims to renew by itself: Minister

The fact foreign donors paid for the premiums associated with Jamaica's first catastrophe bond does not mean it was a "handout" the country's Minister of Finance has explained. Jamaica’s first catastrophe bond, the recently placed IBRD CAR 130 transaction, was priced and saw the Caribbean island nation securing the upsized target read the full article →

Jamaica’s cat bond priced at upsized $185m, ILS funds take 66% of notes

Jamaica's first catastrophe bond, the IBRD CAR 130 transaction, has now been successfully priced and the Caribbean island nation has secured the upsized target of $185 million of coverage, with pricing closer to the upper-end of guidance. Dedicated insurance-linked securities (ILS) investment funds took the lions share of the cat bond read the full article →

Jamaica’s World Bank catastrophe bond could upsize to $185m

The first catastrophe bond for Jamaica, which as we were first to report ten days ago launched as a $175 million IBRD CAR 130 transaction with the support of the World Bank, is now said by our sources to have a chance of closing a little larger, at $185 million read the full article →

Jamaica’s first cat bond launched at $175m by World Bank IBRD

The first catastrophe bond to benefit the Caribbean island nation of Jamaica has now been launched to investors, with the IBRD CAR 130 transaction, that is being issued via the World Bank, set to provide the Government with a $175 million or greater source of named tropical storm and hurricane read the full article →

Jamaica seeks more disaster cover from CCRIF, to almost double spend

Jamaica is seeking a greater level of cover from the Caribbean and regional disaster risk financing initiative the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) as it works with the World Bank to enhance disaster resilience. The Jamaican finance ministry said that it is working on a read the full article →

Hurricane Sandy threatens ‘perfect storm’ landfall on U.S. east coast

Our latest update on hurricane Sandy can be found here. Insurers, reinsurers and catastrophe bond investors will no doubt be going home this weekend with the little matter of hurricane Sandy on their minds. The hurricane which has now passed through the Caribbean and Bahamas, leaving 21 people dead and read the full article →