The Government of Mexico has now secured $175 million of parametric Pacific named storm disaster insurance protection from the capital markets through the IBRD CAR Mexico 2024 (Pacific) catastrophe bond issuance, which is 40% more than the initial target for this tranche of notes and will take Mexico’s overall cat bond cover to $595 million, Artemis can reveal.
As we’d reported, Mexico has already secured $420 million in parametric disaster insurance protection against earthquakes and Atlantic hurricanes from the capital market, through its recently placed World Bank facilitated IBRD CAR Mexico 2024 catastrophe bond transaction.
Due to the ongoing process of making a recovery from its previous cat bond after hurricane Otis triggered the notes, the Mexican government had elected to delay issuance of a Pacific hurricane tranche this time around but was always expected to renew it when the time was right.
FULL ORIGINAL PUBLICATION HERE
