As the catastrophe bond market awaits an official determination on the potential payout of Jamaica’s $150 million IBRD CAR Jamaica 2024 parametric cat bond after hurricane Melissa, a representative of one of the deal’s structuring agents has said that early signs are that the cat bond structure is “doing what it was designed to do.”
Chris Lefferdink, Head of Insurance Linked Securities, North America at Aon Securities, the specialist investment banking, broker-dealer and ILS unit of the global insurance and reinsurance broker, provided comment on the IBRD Jamaica cat bond one day after its landfall.
Aon Securities was one of the key players that helped to get the World Bank facilitated catastrophe bond to market, acting as joint structuring agent, joint bookrunner and also joint manager for the issuance of insurance-linked securities (ILS), alongside Swiss Re Capital Markets.
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