California Earthquake Authority

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CalQuake cat bond Ursa Re 2014-1 hits $400m, price moves to mid-point

The Ursa Re Ltd. (Series 2014-1) catastrophe bond, sponsored by the California Earthquake Authority, has benefited from investor demand helping it grow in size taking the total issuance to $400m, while pricing has narrowed towards the mid-point of guidance.The Ursa Re cat bond features two tranches of notes, one Class A read the full article →

Ursa Re 2014-1 catastrophe bond launches for California Earthquake Authority

The California Earthquake Authority is returning to the catastrophe bond market with its latest issuance under a newly registered vehicle. The Ursa Re Ltd. (Series 2014-1) cat bond is targeting at least $350m of collateralized California quake reinsurance.The California Earthquake Authority is the provider of homeowners earthquake cover in the state read the full article →

Cat bonds help California Earthquake Authority to offer rate reduction

The California Earthquake Authority (CEA), the publicly managed residential earthquake insurance provider, is proposing to reduce homeowners rates, as savings made due to catastrophe bonds and lower-cost reinsurance flow through to consumers.The CEA has sponsored a number of catastrophe bonds in recent years, including 2011's Embarcadero Re Ltd. (Series 2011-1) read the full article →

CEA upped traditional reinsurance, reduced collateralized, at renewals

With the recent focus across the reinsurance market on alternative capital, insurance-linked securities and collateralized reinsurance, it's interesting to discover that the California Earthquake Authority (CEA) has slightly reduced its use of fully-collateralized protection at recent renewals.The California Earthquake Authority (CEA) has one of the largest reinsurance programs in the read the full article →

CEA tops up 2012 reinsurance, reveals risk transfer plans for 2013, catastrophe bonds to feature

The California Earthquake Authority (CEA) has released some details of their risk transfer and reinsurance plans for the remainder of 2012 and for 2013 after a board meeting held on the 23rd August. Documents published on the CEA's website show that they continue to focus on achieving cost-effective risk transfer read the full article →

CEA’s third, and largest, Embarcadero Re catastrophe bond in twelve months completes

The California Earthquake Authority (CEA) have successfully completed their third catastrophe bond issuance in the last twelve months through the Embarcadero Re Ltd. transformer vehicle, bringing the total cat bond coverage the CEA benefits from to $600m. The latest issuance,  Embarcadero Re Ltd. (Series 2012-2), completed successfully and was rated read the full article →

CEA’s latest Embarcadero Re catastrophe bond doubles in size to $300m

The California Earthquake Authority (CEA) are in the process of bringing their third catastrophe bond deal to market through the Embarcadero Re Ltd. transformer vehicle. The latest deal in the cat bond market in Q3, Embarcadero Re Ltd. (Series 2012-2), will issue a single tranche of Class A notes to be read the full article →

California Earthquake Authority to sponsor third Embarcadero Re catastrophe bond

The California Earthquake Authority (CEA) are to return to the catastrophe bond market for the third time in a year to sponsor another transaction through the Embarcadero Re Ltd. transformer vehicle. As we wrote back in May, the CEA governing board approved the issuance of further catastrophe bonds through a read the full article →

CEA approved to issue $300m more in catastrophe bonds during 2012

The California Earthquake Authority governing board has approved the issuance of further catastrophe bonds through a transformer reinsurance vehicle (likely Embarcadero Re Ltd.) during 2012. At a recent governing board meeting approval was sought to issue up to $300m in additional catastrophe bonds this year if the market terms and read the full article →

California Earthquake Authority now uses catastrophe bonds for 10% of its risk transfer

With the completion of their second earthquake catastrophe bond through the Embarcadero Re Ltd. Bermuda domiciled SPV, the California Earthquake Authority now receives 10% of its risk transfer cover from the capital markets via catastrophe bonds. The second Embarcadero Re deal, a $150m single tranche of Series 2012-1 cat bond read the full article →