The issuance of IBRD CAR Mexico 2024, the Government of Mexico’s $420 million Mexico earthquake and Atlantic coast named storm catastrophe bond, “is a fundamental part of the federal strategy for Financial Management of Disaster Risks”, according to Héctor Santana Suárez, Head of Insurance, Pensions and Social Security in the Ministry of Finance of México.
The Government of Mexico’s new World Bank and IBRD facilitated catastrophe bond provides the country with parametric disaster insurance protection from the capital markets.
Two tranches of cat bond notes at a combined size of $295 million provide earthquake coverage, with a third $125 million tranche providing Atlantic named storm coverage.
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