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Puerto Rico government seeking Parametric Re cat bond protection

The government of Puerto Rico is seeking $75 million in parametric insurance protection against the financial impacts of named storms and earthquakes from the capital markets, through a new Puerto Rico Parametric Re Ltd. (Series 2024-1) catastrophe bond transaction, Artemis has learned.

This first Puerto Rico Parametric Re catastrophe bond is particularly notable as the first cat bond to directly benefit the government of a territory of the United States.

It’s also worth highlighting that this is a very rare sovereign catastrophe bond that is being issued in the private market, to provide disaster insurance to the government of a country, with no intermediation or facilitation from any multilateral organisation, such as the World Bank.


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