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.
State Farm Must Give Up Trade Secrets in Claims Lawsuits, but Under Court Review 
At-Bay to Be Acquired by Munich Re for $575 Million 
Should Parents Be Responsible for Kids Getting Hurt and Killed on E-Bikes? 
Judge Nixes Uber’s RICO Suit Alleging NY Lawyers, Doctors Conspired on Auto Claims From This Issue
