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.
Chubb CEO Greenberg: Industry Has to ‘Put Arms Around’ AI Liability 
Hacking Attempts Surge as Companies, Governments Rush to Patch PHP Flaws 
Florida Reforms Cut Property Premiums but Data Show Multifamily Liability Rates Up 
PG&E Weighs Gas Business Separation Over California Fire Rules From This Issue
