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Member, Beacon International Group, Ltd.
The Mexican government has decided to renew the MultiCat catastrophe bond for three more years, BNamericas reported.
The bond provides insurance against hurricanes and earthquakes.
Standard & Poor's Corp. had placed the $100 million bond under CreditWatch in September 2014 as hurricane Odile hit the country and threatened 50% loss to investors.
The Mexican government had also renewed the catastrophic insurance of the country's natural disasters fund in July 2014 with a rate 4.8% lower than in the previous policy.