Ursa Re II Ltd

The California Earthquake Authority (CEA) has lowered its target for its latest catastrophe bond, with its target now for up to $255 million in collateralized California earthquake reinsurance protection through the Ursa Re II Ltd. (Series 2022-1) issuance.

The California Earthquake Authority (CEA) is back in the catastrophe bond market for the first time in more than a year, seeking $275 million or more of collateralized California earthquake reinsurance protection through an Ursa Re II Ltd. (Series 2022-1) issuance.

The board of the California Earthquake Authority (CEA) has voted to approve a motion for the insurer to buy sufficient risk transfer to support claim-paying capacity at no less than the 1-in-350 year level and no greater than the 1-in-500 year level.

The California Earthquake Authority’s (CEA) reinsurance and catastrophe bond based risk transfer program shrank slightly by December 1st 2021, but with forecasts suggesting it could need to buy as much as $6 billion more in limit over just the next 5 years, further growth seems likely.

The California Earthquake Authority (CEA) increased the size of its reinsurance and catastrophe bond risk transfer program by around 4.4% as of the end of July 2021, to reach almost $9.6 billion, but in the short-term future growth of the program seems less certain due to rising exposure and the cost of coverage.

The California Earthquake Authority (CEA) is targeting to increase the size of its risk transfer and reinsurance program to a new high of almost $9.8 billion of limit in 2021.

The California Earthquake Authority (CEA) has successfully secured its first catastrophe bond transaction of 2021 at the upsized $215 million target, while the Ursa Re II Ltd. (Series 2021-1)  catastrophe bond has been priced at the low-end of already reduced coupon guidance.

The California Earthquake Authority (CEA) has lifted its target size for its first catastrophe bond transaction of 2021, now seeking up to $215 million of fully collateralized earthquake reinsurance protection with the Ursa Re II Ltd. (Series 2021-1)  issuance.

The California Earthquake Authority (CEA) is back in the catastrophe bond market with its first transaction of 2021, seeking at least $150 million of fully collateralized earthquake reinsurance protection through this Ursa Re II Ltd. (Series 2021-1)  issuance.

The California Earthquake Authority’s (CEA) reinsurance program has shrunk slightly in the last few weeks, as $400 million of Ursa Re catastrophe bonds matured. But the Authority is aiming to keep its risk transfer target stable for 2021, suggesting more catastrophe bond issues are possible early in the new year.