The California Earthquake Authority (CEA) has now finalised its latest Ursa Re Ltd. (Series 2023-3) catastrophe bond, securing $650 million of reinsurance protection from the deal at pricing, which is a 62.5% increase on its initial target.
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Artemis has learned that the California Earthquake Authority (CEA) has upsized its coverage ambitions for its latest Ursa Re Ltd. (Series 2023-3) catastrophe bond, with the target size now lifted to between $575 million and as much as $675 million of reinsurance protection.
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The California Earthquake Authority (CEA) has returned to the catastrophe bond market again, seeking $400 million or more in collateralized earthquake reinsurance from the capital markets from an Ursa Re Ltd. (Series 2023-3) issuance.
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