The California Earthquake Authority (CEA) is a publicly managed, privately funded, not-for-profit insurer in the state of California that, since 1996, has offered residential property earthquake insurance policies to homeowners insurance customers of its participating insurers.
The California Earthquake Authority (CEA) buys a significant reinsurance tower and utilises billions of dollars of earthquake catastrophe bonds within that tower, as diversified, capital markets backed protection.
Read our California Earthquake Authority (CEA) news and analysis on this page.
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 sold to investors which are […]
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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 transformer reinsurance vehicle. At that […]
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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 pricing are conducive and the […]
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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 notes, provides another layer of […]
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The second California Earthquake Authority catastrophe bond to be issued through the dedicated Bermuda domiciled Embarcadero Re Ltd. SPV has completed successfully and the notes issued have been listed on the Bermuda Stock Exchange. The CEA returned to the cat bond market seeking another fully collateralized, multi-year tranche of reinsurance cover from the capital markets […]
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More details have been published on the second California Earthquake Authority catastrophe bond to be issued through the dedicated Bermuda domiciled Embarcadero Re Ltd. SPV. The CEA is issuing another cat bond (as we revealed yesterday) to secure an increased level of cover for earthquakes impacting California on a three year, fully collateralized basis. The […]
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As expected, the California Earthquake Authority are returning to the catastrophe bond market to issue another cat bond using their dedicated Embarcadero Re Ltd. Bermuda based SPV. The first Embarcadero Re deal was issued in August last year and it secured them $150m of cover. Now, sources have confirmed to us that the second deal […]
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The California Earthquake Authority (CEA) have published some more details of their plans for a return to the catastrophe bond market, presumably through their Embarcadero Re Ltd. Bermuda based SPV. The CEA were particularly pleased with their $150m cat bond that they issued in August which they felt cost them less than traditional reinsurance and […]
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Swiss based ILS investment firm Solidum Partners AG are one of the many participants in the California Earthquake Authority reinsurance program for 2012. They participated as a collateralized reinsurance vehicle to the tune of $52.5m in the program through a special purpose vehicle called Solidum Re Eiger IC Limited, fronting for their ILS investment funds […]
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Back in October the California Earthquake Authority (CEA) spoke to us about their use of catastrophe bonds as part of their overall reinsurance and risk transfer program and the value they have found in their most recent Embarcadero Re Ltd. cat bond transformer. In the article ‘How the California Earthquake Authority finds value in catastrophe […]
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