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CEA board votes for 1-in-350 year minimum risk transfer strategy

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. It represents a slightly lower threshold than previous years, read the full article →

CEA reinsurance & risk transfer shrinks slightly, but growth still possible

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. As we previously reported, the read the full article →

CEA’s risk transfer returns to $9.6bn. Short-term future needs less certain

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 read the full article →

CEA targets record risk transfer in 2021, but cites rising reinsurance costs

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 CEA's reinsurance and risk transfer program, which includes a significant contribution from catastrophe bonds, ended 2020 at around $9.15 billion read the full article →

CEA to keep risk transfer target stable in 2021, Q1 cat bonds possible

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. The read the full article →

CEA reinsurance program hits new high at almost $9.6bn

The California Earthquake Authority’s (CEA) reinsurance program has reached a new record high in terms of size at nearly $9.6 billion, which is up almost $1 billion since the January renewals. Helping in this growth is the successful issuance of two large catastrophe bond deals in 2020 so far, the $700 read the full article →

CEA’s reinsurance tower hits new $8.6bn high at January renewals

The California Earthquake Authority's (CEA) reinsurance program reached a new record size of almost $8.6 billion at the January 2020 renewals, with catastrophe bond and ILS sources still playing a key role. That's a reasonable increase from around $8.26 billion in December 2019, which suggests the CEA purchased more than $340 read the full article →

CEA’s new cat bond prices at top-end, reflects rising spread expectations

In a further sign of the increased return expectations of investors in catastrophe bonds, the pricing for the latest catastrophe bond from the California Earthquake Authority has now been fixed at the top-end of initial guidance, we're told. The California Earthquake Authority (CEA), the not-for-profit residential earthquake insurance provider in the read the full article →

CEA targets $400m of reinsurance with first Ursa Re cat bond of 2019

The California Earthquake Authority, the not-for-profit residential earthquake insurance provider in the state, has returned to the capital markets to sponsor its first catastrophe bond of 2019, targeting around $400 million of quake reinsurance protection with an Ursa Re Ltd. (Series 2019-1) deal. This new Ursa Re 2019-1 cat bond will read the full article →

Ursa Re cat bond settles at $250m, below mid-point pricing for the CEA

The latest catastrophe bond to be sponsored by the California Earthquake Authority (CEA), the Ursa Re Ltd. (Series 2018-1) transaction, is set to achieve the upper-end of the targeted size at $250 million, while pricing has now been fixed at just below the mid-point of initial guidance. The CEA returned to the read the full article →