quake

Further to our earlier article alerting you to the potentially exposed Ianus Capital catastrophe bond which covers the whole of Turkey for earthquake risks, it seems that investors are pretty confident that the cat bond won’t face losses due to the location of the earthquake. The M7.2 quake has caused widespread damage in the area […]

We’re sure that most of you will be aware of the magnitude 7.2 earthquake which struck eastern Turkey yesterday causing numerous buildings to collapse and reports of as many as 239 deaths and 1,300 injuries (the latest from the BBC here). There have also been a series of powerful aftershocks which have caused further damage […]

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 […]

Update: EQECAT puts expected insured losses from this event at  less than $100m. An earthquake measuring M5.9 on the Richter scale has struck in the U.S. state of Virginia. The quake’s epicenter was located approximately 9 miles from a town called Mineral at a depth of approximately 3.7 miles. As yet we have no reports […]

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 […]

Risk modeller EQECAT released the first insured loss estimate for the recent 13th June M6.0 earthquake in Christchurch, New Zealand on Tuesday. Their initial loss estimate was for damages of between $3 billion and $5 billion from this event. This seems reasonable given that the city has suffered so much damage and has so many […]