As Jamaica awaits an official determination on a potential $150 million payout from its IBRD CAR Jamaica 2024 parametric catastrophe bond from Hurricane Melissa, ratings agency Fitch has said that it does not expect to see any adverse reaction from the insurance-linked securities (ILS) market as a result of the payout.
As we reported last week, Jamaica’s IBRD CAR Jamaica 2024 parametric catastrophe bond notes were marked down to nearly zero by one pricing sheet team following Melissa’s landfall, while the Government of Jamaica had already activated the calculation agent process
In another article, we also explained that when a payout is made the funds that support Jamaica will be coming from across the globe, due to the broad distribution achieved through the initial issuance of the cat bond.
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