California Earthquake Authority

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CEA reinsurance program hits new high at almost $9.6bn

The California Earthquake Authority’s (CEA) reinsurance program has reached a new record high in terms of size at nearly $9.6 billion, which is up almost $1 billion since the January renewals. Helping in this growth is the successful issuance of two large catastrophe bond deals in 2020 so far, the $700 read the full article →

ILS market health displayed in upsizing of CEA’s new cat bond: Swiss Re

The health of the insurance-linked securities (ILS) market and the commitment of its investors to providing efficient and fully collateralized reinsurance capacity were displayed by the successful upsizing and completion of the California Earthquake Authority's (CEA) latest catastrophe bond, according to Swiss Re Capital Markets. The CEA's recently completed Ursa Re read the full article →

CEA’s new Ursa Re II catastrophe bond triples in size to $775m

The California Earthquake Authority (CEA) has elected to significantly upsize its latest catastrophe bond issue we can report, with its new Ursa Re II Ltd. (Series 2020-1) transaction now priced at $775 million in size, more than three times the initial amount of notes offered to investors. The CEA returned to read the full article →

CEA targets $250m+ Ursa Re II 2020 catastrophe bond issue

The California Earthquake Authority (CEA) is back once again in the catastrophe bond market with the second issuance it has sponsored so far this year, seeking a $250 million or larger source of collateralised earthquake reinsurance from this Ursa Re II Ltd. (Series 2020-1) deal. Earlier this year, the CEA, which read the full article →

California Wildfire Fund shies away from reinsurance pricing at renewal

Quotes received from the reinsurance market at the mid-year renewals did not deliver on the pricing and structure that was sought for the California Wildfire Fund, resulting in the purchase of risk transfer not being completed. As we explained back at the end of April, the California Wildfire Fund had engaged read the full article →

CEA successfully upsizes Sutter Re 2020 quake cat bond 75% to $700m

The California Earthquake Authority (CEA) has now settled for a 75% upsizing of its latest catastrophe bond issuance, with the Sutter Re Ltd. (Series 20201- & 2020-2) issuance now fixed to provide $700 million of collateralised earthquake reinsurance protection. The not-for-profit residential earthquake insurer of California had returned to the catastrophe read the full article →

CEA’s target for Sutter Re cat bond lifted again, now up to $740m

The targeted issuance size for the latest catastrophe bond to be sponsored by the California Earthquake Authority (CEA) has risen again, with the Sutter Re Ltd. (Series 20201- & 2020-2) issuance now aiming for as much as $740 million of reinsurance protection for the sponsor. California’s not-for-profit residential earthquake insurer, the read the full article →

CEA now targets up to $700m of reinsurance from new Sutter Re cat bond

California's not-for-profit residential earthquake insurer the California Earthquake Authority (CEA) is hoping to significantly upsize its latest catastrophe bond issuance, with the Sutter Re Ltd. (Series 20201- & 2020-2) issuance now targeting up to $700 million of reinsurance protection. The California Earthquake Authority (CEA) returned to the catastrophe bond market about read the full article →

California Wildfire Fund seeks reinsurance renewal, program expansion

The California Wildfire Fund, which was established last year to back some of the wildfire liabilities related to utilities operating in the state, will go back to the reinsurance market to seek a renewal and an expansion of its first program for 2020 and beyond. The California Wildfire Fund was set read the full article →

CEA returns with $400m Sutter Re 2020 catastrophe bond

The California Earthquake Authority (CEA) has returned to the catastrophe bond market for the first time this year, seeking to add at least $400 million of earthquake reinsurance protection with a Sutter Re Ltd. (Series 20201- & 2020-2) issuance. The CEA is the not-for-profit residential earthquake insurance provider in the state read the full article →