Embarcadero Re Ltd.

Catastrophe bonds now contribute more than 20% of the California Earthquake Authority’s risk transfer and reinsurance coverage and there will likely be more to come as the organisation looks to leverage its transformers again in 2015.

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.

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 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 through the use of traditional […]

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 yesterday, securing the CEA $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 sold to investors which are […]

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 […]

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 […]

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 […]

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 […]