Three 144A property and casualty (P&C) catastrophe bonds were scheduled to mature in the fourth quarter, representing USD 595 million of risk capital being returned to investors. Of the USD 595 million, USD 100 million of MultiCat Mexico Limited Class C Notes have been extended past the scheduled redemption date of December 4, 2015 as a result of Hurricane Patricia’s impact on the Pacific coast of Mexico in late October 2015. The Class C Notes, which are parametrically triggered based on central pressure observed or interpolated on or within a defined area, are currently awaiting the release of the National Hurricane Center’s Tropical Cyclone Report in order to determine the principal reduction for the Class C Notes. However, the Class A and Class B Notes from MultiCat Mexico Limited did mature at their scheduled redemption date of December 4, 2015.
With respect to upcoming maturities in the first quarter of 2016, USD 1.268 billion of 144A catastrophe bonds are scheduled to mature (absent any triggering event). It is noted that SCOR has replaced the maturing Atlas Reinsurance VII Ltd. 2012-1 with the issuance of USD 300 million of Atlas IX Capital DAC Class A Notes, which closed on January 12, 2016.
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