Ursa Re II Ltd

The California Earthquake Authority’s (CEA) reinsurance program grew slightly to include limit of $7.912 billion at the end of 2025, while the catastrophe bond market was providing its largest share of the risk transfer tower ever, at 36% of total limit.

Over the last year the California Earthquake Authority (CEA) has benefited from strong execution in the catastrophe bond market to lower both its reinsurance attachment point and costs associated with risk transfer.

The California Earthquake Authority (CEA) has clearly demonstrated its appetite to continue layering efficient reinsurance from the capital markets within its reinsurance tower, by securing the upsized $770 million of limit target from its new Ursa Re II Ltd. (Series 2025-2) catastrophe bond, Artemis understands.

The California Earthquake Authority (CEA) has now raised its target for fully-collateralized earthquake reinsurance from its latest catastrophe bond, the Ursa Re II Ltd. (Series 2025-2) issuance, with now between $670 million and $770 million of limit sought, while the price guidance has been reduced for both tranches of notes.

The California Earthquake Authority (CEA) has returned to the catastrophe bond market to sponsor its third issuance this year and with an initial target to secure $600 million in fully-collateralized earthquake reinsurance from this Ursa Re II Ltd. (Series 2025-2) issuance it could become one of its largest cat bonds ever.

Following the mid-year reinsurance renewals the California Earthquake Authority (CEA) now sees catastrophe bonds making up an even larger proportion of its more than $7.83 billion risk transfer tower, at over 33% of the limit provided.

The California Earthquake Authority (CEA) has now priced its latest catastrophe bond, securing the 60% top-end target size for $400 million of earthquake reinsurance limit from this Ursa Re II Ltd. (Series 2025-1) issuance, Artemis has learned.

The California Earthquake Authority’s (CEA) risk transfer tower increased in size after the organisation renewed slightly more reinsurance protection at April 1st than was maturing, leaving it with almost $7.8 billion of risk transfer in-force.

The California Earthquake Authority (CEA) has raised the target size for its latest catastrophe bond, with now between $300 million and $400 million of earthquake reinsurance limit sought from this Ursa Re II Ltd. (Series 2025-1) issuance, Artemis has learned.

The California Earthquake Authority (CEA) is back in the catastrophe bond market looking for more earthquake reinsurance protection from the capital markets, with an initial $250 million target for what will be its 22nd directly sponsored cat bond, an Ursa Re II Ltd. (Series 2025-1) issuance.