London-based broker Benfield announced today it has completed the placement of a risk transfer program for the Caribbean Catastrophe Risk Insurance Facility (CCRIF), which became operational today.
The program for the multicountry disaster facility includes a combination of traditional excess of loss reinsurance and a funded cat swap derivative agreement. This will cover parametric insurance policies issued by the facility to 16 Caribbean governments.
Benfield said the CCRIF has been established on behalf of CARICOM under the guidance of the World Bank, with donor funding, to provide participating countries in the Caribbean region with immediate liquidity after natural disasters.
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