“Through the cat bond, Jamaica wanted protection specifically against very large events that would create large losses,” Monnier said. “The transaction used a grid around Jamaica, and depending on the hurricane’s track and which boxes were affected, the bond could trigger at different levels of storm intensity. Beryl didn’t make landfall in Jamaica, and based on its track and intensity, didn’t qualify for a payout. It separately didn’t create the same level of damage as Melissa. “