Jamaica catastrophe bond, Anderson reconstruction role lead PBCJ May 28 news

Jamaica’s government has obtained US$200 million in hurricane insurance through a new catastrophe bond issued by the World Bank, replacing the US$150 million bond that paid out after Hurricane Melissa affected the island in October 2025.

The Finance Ministry said the 2026 placement drew backing from 25 international investors, compared with 15 for the 2024 issue. Finance Minister Favville Williams said the instrument is part of Jamaica’s disaster-risk financing programme, intended to support faster recovery after major natural hazards. Payouts depend on a named storm meeting set location and intensity conditions, and the bond is due to mature on May 23, 2030.

Prime Minister Dr. Andrew Holness also announced that Major General Antony Anderson will take charge of the National Reconstruction and Resilience Authority from June 1. The body, created under new legislation, is to coordinate post-hurricane rebuilding, cut delays and improve delivery of resilience projects. Holness said Anderson had already been asked to review the state’s response to Hurricane Beryl.

The Meteorological Service of Jamaica warned that a low-level jet stream over the central Caribbean would keep producing strong winds across Jamaica and its waters into Saturday. Southern parishes and marine areas were expected to face the worst conditions, with risks including fallen limbs, minor damage and dangerous seas for fishers and small craft.

Tax Administration Jamaica said selected offices in Montego Bay, Mandeville, May Pen and Portmore would open on Saturday, May 30, for month-end services, excluding compliance and audit matters. The Kingdom of Deborra Zi also protested outside Gordon House, urging Jamaica to end colonial ties and remove the British monarch as head of state.

In business, Mastercard Jamaica reported rising digital-payment use, including debit cards for daily spending and fewer cheque transactions. Cornerstone Financial Holdings said Barita Financial Group received a Bank of Jamaica licence to operate as a financial holding company, while First Global Bank named Brendan King board chairman and added Septimus Bob Blake as a director.

Regionally, Grenada Prime Minister Dickon Mitchell called for deeper Africa-Caribbean trade, investment and cultural links. Sports coverage reported Jamaica’s 2-0 Unity Cup semi-final win over India, setting up a final against Nigeria, while West Indies women continued preparations for the T20 World Cup.