Hurricane “Beryl” (Caribbean) – Category 4 #2
Dear Investors
Hurricane “Beryl” has passed just south of Jamaica in the last few hours as a category four storm, the second strongest hurricane category, and has caused severe storm damage there. “Beryl” is now passing the Cayman Islands and will continue to move towards Yucatan, Mexico. As described in yesterday’s Newsflash, Jamaica has bought parametric hurricane protection through a CAT bond. Hurricane “Beryl” passed through 6 of the 19 areas defined in this bond. Based on the central pressure data published by the National Hurricane Centre, the air pressure required for a payout of the CAT bond was not reached in any of the sub-areas, so that we do not currently expect a reduction in the nominal value of the CAT bond. Hurricane “Beryl” will continue to weaken as it progresses and until it hits the coast of Mexico. The storm is expected to reach the coast south of Cancun as a category 1 or 2 hurricane, so that our assessment of the CAT bonds exposed to Mexican hurricane published in the last Newsflash remains unchanged and we do not expect any losses to the notes here either.
Kind regards
Your Plenum-Team
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