Jamaica has been battered by the passage of major hurricane Beryl just off its southern coast. But, for holders of the World Bank facilitated $150 million parametric IBRD CAR Jamaica 2024 catastrophe bond transaction, early analysis of the real-time storm track suggests that noteholders will not face any loss of principal.
It’s important to mention here that, this is based on Artemis’ understanding of the cat bond and our analysis, as well as the expert analysis of some of our catastrophe bond market sources that we have spoken with this morning, so not to be considered any kind of official determination.
As we’d been reporting, major hurricane Beryl approached Jamaica with sustained winds of 140 mph, brushing the south coast and causing damage even reaching into the capital of Kingston. The damage appears quite severe in reports, but encouragingly perhaps a little less so than feared, given the severity of the storm, and certainly less than had Jamaica taken a direct hit or Beryl not weakened slightly.
FULL ORIGINAL PUBLICATION HERE