Hurricanes trigger Argo Group cat bond
Damage from Hurricane Maria's knockout blow to Puerto Rico, coming on the heels of the catastrophic Irma and Harvey storms, has likely triggered yet another catastrophic bond, this time for specialty insurer Argo Group.
Market sources say the firm's Loma Reinsurance (Bermuda) Ltd. (Series 2013-1) has been triggered, according to a report in catastrophe insurance news outlet Artemis.bm, with one tranche of notes likely to payout in full and another probably impaired.
The Loma Re 2013 cat bond covers both hurricane-prone US states and Puerto Rico, where Argo's combined net losses with all three storms is said to be US$268mn.
Artemis reported that the US$65mn Class C tranche of notes has an attachment point of US$240mn and covers losses up to US$340mn; at that point a US$75mn Class B tranche kicks in, providing coverage up to US$440mn.
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: Political Risk & Macro (Puerto Rico)
Caribbean Watch: Puerto Rico claims update, DR social security reform
Puerto Rican insurer association Acodese says members have settled 96% of hurricane Maria claims. A top labor leader in the Dominican Republic rais...
Banking: The week in 10 stories
BNamericas provides a roundup of the most important Banking stories in Latin America.
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects
Get key information on thousands of projects in Latin America, from current stage, to capex, related companies, key contacts and more.
- Project: Block LLA 85
- Current stage:
- Updated:
2 days ago
- Project: Block PUT 21
- Current stage:
- Updated:
2 days ago
- Project: Block VMM 24
- Current stage:
- Updated:
22 hours ago
- Project: Valledupar Solar photovoltaic park
- Current stage:
- Updated:
2 days ago
- Project: Road Paving and Puente Sauce Construction
- Current stage:
- Updated:
3 days ago
- Project: New Expansion and Modernization of the Alfonso Bonilla Aragón Airport in Palmira
- Current stage:
- Updated:
2 days ago
- Project: Expansion of La Paz - Oruro Highway, Senkata - Apacheta section
- Current stage:
- Updated:
3 days ago
- Project: Field Mero
- Current stage:
- Updated:
2 days ago
- Project: Piura East Substation
- Current stage:
- Updated:
2 days ago
- Project: Double Cantilever Viaduct (West Access Viaduct, Section 3 Mexico Toluca Interurban Train)
- Current stage:
- Updated:
2 days ago
Other companies
Get key information on thousands of companies in Latin America, from projects, to contacts, shareholders, related news and more.
- Company: Constructora Heisecke S.A. (Constructora Heisecke)
-
Paraguay's Constructora Heisecke S.A. is a construction company focused on the construction of sanitation projects, roads, ports and buildings, for both the private and public s...
- Company: Sociedade Anônima do Futebol
- Company: Compañía Hidroeléctrica Pucará
- Company: Mina Valiente S.A.
- Company: Enerhydra Corp. (Enerhydra)
-
The description contained in this profile was extracted directly from an official source and has not been edited or modified by BNamericas researchers, but may have been machine...
- Company: Al-Habshi Engineering Consultants Office (ACO)
-
The description included in this profile was taken directly from an official source and has not been modified or edited by the BNamericas’ researchers. However, it may have been...
- Company: Arteleste Construções Ltda. (Arteleste Construções)
-
The description contained in this profile was extracted directly from an official source and has not been edited or modified by BNamericas researchers, but may have been machine...
- Company: Sicim S.p.A. (SICIM)
-
Sicim is a construction company that offers a series of services related to the installation of pipelines and complementary facilities for the transportation and distribution of...
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
