Embarcadero Re Ltd.

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]