California Earthquake Authority news

The Embarcadero Re earthquake catastrophe bond transaction issued by the California Earthquake Authority (CEA) back in August was hailed as a ground-breaking cat bond transaction for a number of reasons. We’ve spoken with the CEA to get some insight into why they utilised a cat bond and where this adds value for them.

A division of Citigroup has been announced today as being the indenture trustee on the recently issued $150m Embarcadero Re Ltd. catastrophe bond which transferred some of the California Earthquake Authority’s (CEA) earthquake risks to the capital markets. Citigroup’s Agency and Trust Services business, acting through Citibank, N.A., will provide trustee services for the tenure […]

The California Earthquake Authority (CEA) completed a ground-breaking $150m catastrophe bond transaction through their newly set-up Embarcadero Re Bermudian reinsurance transformer vehicle at the beginning of August. The transaction was directly transferred to the capital markets through their own Bermuda SPV, thus forgoing the need for a reinsurer participating in the transaction as in their […]

Yesterdays M5.9 earthquake which struck in the U.S. state of Virginia and was felt across much of the eastern cities such as Washington and even as far away as New York has given interested parties a chance to raise the issue of the cost of earthquake insurance. Across the U.S. uptake of earthquake insurance by […]

Ratings agency Moody’s has commented on the California Earthquake Authority (CEA) issuance of $150m of earthquake risk through their Embarcadero Re Ltd. special purpose reinsurer. The catastrophe bond deal which the CEA completed without the involvement of a traditional reinsurer for the first time could see the CEA rely less on reinsurers services in future.

Mayer Brown, one of the worlds leading law firms providing services to the insurance-linked securities sector, have issued a press release on their role in the recent $150m securitization of earthquake risk by the California Earthquake Authority (CEA) through their Embarcadero Re Ltd. Bermuda domiciled reinsurer. This ground-breaking deal completed recently to much interest from […]

In a landmark deal, the California Earthquake Authority (CEA) have completed the transfer of $150m of earthquake risks directly to capital markets investors for the first time. Previously the CEA had tapped the catastrophe bond market for cover through the Redwood Capital series of deals which were facilitated by Swiss Re, but for the first […]

The expected catastrophe bond issued to benefit the California Earthquake Authority (CEA) is now marketing as Embarcadero Re Ltd. which will bring another welcome diversification opportunity for insurance-linked security investors after a quarter of limited supply. It’s the first time that the California Earthquake Authority have been a cat bond beneficiary since the last Redwood […]

The California Earthquake Authority (CEA), the publicly managed organisation that provides residential earthquake insurance to Californian residents, held its latest governing board meeting on the 30th June. At the meeting, one of the agenda items was to continue discussions and seek approval to move forwards with plans to transfer a portion of their risks to […]

The California Earthquake Authority (CEA), the publicly managed organisation that provides residential earthquake insurance to Californian residents, is again looking to return to the catastrophe bond markets to transfer a portion of its earthquake risks to the capital markets. The CEA has in the past issued a number of catastrophe bonds through the Redwood Capital […]