View this article online: https://www.insurancejournal.com/news/international/2014/07/02/333496.htm
GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/NFA/SIPC, announced the placement of Floating Rate CCRIF Catastrophe-Linked Capital at Risk Notes, with notional principal of $30,000,000, issued by the International Bank for Reconstruction and Development, a member institution of the World Bank Group.
The cat bond facilitates the transfer of risk on behalf of the Caribbean Catastrophe Risk Insurance Facility (CCRIF), a risk-pooling facility that is designed to limit the financial impact on its sixteen Caribbean member governments resulting from catastrophic earthquakes and hurricanes by quickly providing financial liquidity when a policy is triggered.
GC Securities bulletin noted that this “is the first time that the CCRIF has utilized the cat bond market and the first catastrophe bond directly issued by the World Bank.
“The bond provides three years of annual aggregate protection for hurricane and earthquakes affecting 16 Caribbean countries participating in the CCRIF.”
GC Securities served as the sole placement agent of the notes and co-structuring agent on behalf of CCRIF.
Source: GC Securities