An issue of floating-rate notes, the payouts for which are linked to an index of California earthquakes, was assigned a “BB” rating by S&P. The annual probability that monies in the collateral account would be required to pay claims was estimated at 1.13 percent, and the 22-month probability was estimated at 2.08 percent. Seismic Ltd., a Cayman Islands exempted company, is the issuer.
Topics Catastrophe Natural Disasters
Was this article valuable?
Here are more articles you may enjoy.
Maryland Reaches Settlement With Ship Owner, Operator Over Bridge Collapse 
Reinsurance Rates Continued Softening During April Renewals, Despite Iran War 
Dei Primus Holdings Launches LUCY, a Fully Autonomous Insurance Carrier 
Hormuz Stays Blocked for Now as Hundreds of Ships Seek Exit From This Issue
