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Puerto Rico Parametric Re cat bond grows to $85m, price set to mid-point

The government of Puerto Rico’s first attempt to source parametric insurance from the capital markets through a catastrophe bond appears to have been well-received by the market, as the Puerto Rico Parametric Re Ltd. (Series 2024-1) catastrophe bond has grown to $85 million in size and looks set to price at the mid-point of guidance, Artemis has learned.

We were first to report back in May on this Puerto Rico Parametric Re catastrophe bond, explaining that it is a particularly notable transaction, being the first cat bond to directly benefit the government of a territory of the United States.

It’s also a sovereign catastrophe bond that is being issued in the private market, to provide parametric disaster insurance to the government of a country, with no intermediation or facilitation from any multilateral organisation, making it an even rarer occurrence.

FULL ORIGINAL PUBLICATION HERE

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