Got TIPS or BREAKING NEWS? Please call 1-284-442-8000 direct/can also WhatsApp same number or Email ALL news to:newsvino@outlook.com;                               ads call 1-284-440-6666

Flow expects US$44M payout for Beryl

August 14th, 2024 | Tags:
Homes sit destroyed by Hurricane Beryl on July 4, 2024, in Clifton, Union Island, St Vincent and the Grenadines, one of the markets in which Flow operates in the region. Photo: Jamaica Gleaner
Jamaica Gleaner

Hurricane Beryl triggered insurance payouts for Flow’s operations in Jamaica and select islands, equating to an estimated US$44 million, the parent company of the regional telecommunications services provider has said.

“The overall impact is manageable,” said Liberty Latin America CEO Balan Nair, regarding the insurance coverage.

Liberty Latin America owns Flow through subsidiary Cable & Wireless Communications Plc, otherwise referred to as C&W Caribbean.

In July, the hurricane caused damage to Jamaica, Grenada, St Vincent and Grenadines, markets in which Flow operates, said Nair.

“In our impacted markets, over 90 per cent of fixed and mobile coverage is online and continues to grow,” he said about the recovery.

Hurricane Beryl triggered the company’s “weather derivatives” and it “expects to receive net third-party proceeds of approximately US$44 million that will be reflected as a derivative gain” in its financial statements, Liberty said in its newly released second-quarter earnings report. The figure equates to around $7 billion in local currency.

“We are still in the process of assessing the impact of Hurricane Beryl on our homes ... and subscribers,” the company said.

The weather derivative reflects a quantum related to the severity of the Category 5 hurricane, rather than proof of damage.

 

Leave a Reply



Create a comment


Submit comment

Create a comment

Submit comment
Disclaimer: Virgin Islands News Online (VINO) welcomes your thoughts, feedback, views, bloggs and opinions. However, by posting a blogg you are agreeing to post comments or bloggs that are relevant to the topic, and that are not defamatory, liable, obscene, racist, abusive, sexist, anti-Semitic, threatening, hateful or an invasion of privacy. Violators may be excluded permanently from making contributions. Please view our declaimer above this article. We thank you in advance for complying with VINO's policy.

Follow Us On

Disclaimer: All comments posted on Virgin Islands News Online (VINO) are the sole views and opinions of the commentators and or bloggers and do not in anyway represent the views and opinions of the Board of Directors, Management and Staff of Virgin Islands News Online and its parent company.