Grenada has become the first country in the world to use a so-called hurricane clause in a government bond — a special feature that allows authorities to postpone debt payments in the wake of a major natural disaster. The move …
NEW ORLEANS (AP) — A state-chartered bailout fund is seeking to borrow $600 million after seven Louisiana insurers went bust following 2021’s Hurricane Ida. The New Orleans Advocate, owned by the Times Picayune, reports that the Louisiana Insurance Guaranty Association …
VIRGINIA BEACH, Va. (AP) — Voters in the sprawling coastal city of Virginia Beach will decide whether to approve one of the larger municipal bonds in the U.S. that would be used to protect against rising seas and intensifying hurricanes. …
With hurricane season barreling down on Florida, the state is seizing on low interest rates to borrow $2.25 billion for its catastrophe insurance fund. The State Board of Administration Finance Corp. is joining state and local governments that have rushed …
Japan’s government agreed on Friday to set up a fund with taxpayer money to help Tokyo Electric Power compensate victims of the crisis at its tsunami-crippled nuclear plant and avoid financial collapse. The government will issue special-purpose bonds to help …