ART

Oxbridge Re Ltd., the Cayman Islands based reinsurance company, through its SurancePlus digital securities subsidiary, completed a private placement of 287,705 Participation Shares represented by the digital tokens, EpsilonCat Re, under a 3-year Participation Share Investment Contract to raise roughly $2.88 million. [Source: Artemis.bm]

The World Bank is looking to issue its first drought bond in the next 12-18-months, most likely focused on Africa. The World Bank's George Richardson said that modelling droughts, wildfires and floods was a little more difficult than earthquakes or storms for a parametric catastrophe (CAT) bond. "The fundamental challenge is that you need data, and you need to have some history of that so that it can be modelled by various agencies," Richardson said. [Source: Reuters]