The Government of Mexico is looking to upsize its Pacific named storm protection from its latest tranche of World Bank and IBRD facilitated catastrophe bond notes, with now up to $175 million in parametric disaster insurance protection sought from the deal.
Recall that Mexico has already secured $420 million in protection against earthquakes and Atlantic hurricanes from the capital market, through its recently placed World Bank facilitated IBRD CAR Mexico 2024 catastrophe bond transaction.
As we’d reported, due to the ongoing process of making a recovery from its previous cat bond after hurricane Otis, the Mexican government had elected to delay issuance of a Pacific hurricane tranche this time around but was expected to renew it when the time was right.
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