J.P. Hong, a partner in Troutman Pepper Locke’s Insurance Transactional and Regulatory Practice Group, was quoted in the November 13, 2025 Law360 article, “Insurance Securities Payouts Prove Valuable To Jamaica.”

  • Catastrophe bonds are “generally not correlated to the broader financial markets,” said J.P. Hong, an attorney with Troutman Pepper Locke who specializes in advising parties involved in insurance-linked securities transactions. “Meaning, an earthquake cares not what the Fed says — a hurricane cares not if tariffs are going to be imposed.”
  • Hong, who advised the World Bank in the $150 million IBRD Jamaica 2024 CAT bond, noted that government sponsors might prefer a parametric trigger because of the quick payout.
  • “For them, it’s more about providing liquidity — meaning disaster relief — as soon as possible to their constituents,” he told Law360 in an interview, speaking generally about government sponsors.
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