World Bank – CCRIF 2014-1

Initial model runs suggest that Caribbean Catastrophe Risk Insurance Facility (CCRIF) member countries affected by tropical storm and hurricane Gonzalo will not receive a payout, which also means the World Bank – CCRIF 2014-1 catastrophe bond will be safe.

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) appreciates the diversity that the first directly issued catastrophe bond from the World Bank offers to its sources of risk capital, a key consideration in its decision to tap the capital markets.

The recently completed World Bank issued catastrophe bond transaction, which saw the bank leverage its own structured bond issuance platform to sell a cat bond to investors is an important step for public sector catastrophe bond sponsors, said GC Securities.

The World Bank has hailed the successful issuance of the first catastrophe bond notes through its newly created Capital-at-Risk Notes Program, which resulted in the World Bank – CCRIF 2014-1 cat bond we covered last week.

We’ve sourced some further details on the $30m Caribbean hurricane and earthquake linked catastrophe bond transaction issued by the World Bank on behalf of the Caribbean Catastrophe Risk Insurance Facility (CCRIF).