Zurich Concludes $36 Million Reinsurance Pact With the IADB
Zurich North America’s Emerging Markets Group announced the conclusion of a facultative reinsurance agreement covering certain financial risks of the Inter-American Development Bank.
“The reinsurance, Zurich’s first such agreement with the IADB, will support a power project undertaken by the IADB’s Private sector Department in San Pedro de Macoris, Dominican Republic,” said the announcement.
It will cover the issuance of triple B rated notes purchased by institutional investors and a loans from a syndicate of banks against the risks of currency inconvertibility, expropriation of funds and possible government default on a power purchase agreement for the 300 megawatt facility.
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