World Insurance Report

World Bank’s cat bond scheme launches in Mexico

Swiss Re is sharing the placement of a three-year securitisation for $290mn of hurricane and earthquake risk for the Mexican government. The securitisation is the first in the World Bank’s new Multicat programme; a cat bond issuance platform that offers governments and other public bodies access to international capital markets to insure against the risk of natural disasters. Known as Multicat Mexico 2009 Ltd, the transaction will provide the Mexican government with the funding to finance disaster relief efforts after earthquakes and hurricanes. Swiss Re said the Mexican cat bond “serves as proof of the continued viability and attractiveness in the market for Insurance Linked Securities (ILS)”. Cat bonds have performed remarkably well during the financial crisis, Swiss Re said.

The rest of this document is only available to i-law.com online subscribers.

If you are already a subscriber, click Log In button.

Copyright © 2024 Maritime Insights & Intelligence Limited. Maritime Insights & Intelligence Limited is registered in England and Wales with company number 13831625 and address 5th Floor, 10 St Bride Street, London, EC4A 4AD, United Kingdom. Lloyd's List Intelligence is a trading name of Maritime Insights & Intelligence Limited.

Lloyd's is the registered trademark of the Society Incorporated by the Lloyd's Act 1871 by the name of Lloyd's.