Ursa Re Ltd.

The California Earthquake Authority (CEA) is discussing the need for either a pre-funded subsequent or second-event funding tower (with risk transfer and reinsurance perhaps a part of it), or the infrastructure for one, that would support its functions after a significant earthquake loss that depletes its claims paying ability.

The California Earthquake Authority (CEA) did not come back to the reinsurance market at its typical October 1st renewal, allowing roughly $511 million of cover to expire and it now expects to re-evaluate its risk transfer need at the January renewals, meaning a $215 million catastrophe bond will likely mature without renewal later this month.

The California Earthquake Authority (CEA) elected to not renew some $648.5 million of traditional reinsurance that expired at July 31st 2024, resulting in its reinsurance and risk transfer program shrinking by 7% to $8.5 billion.

The California Earthquake Authority (CEA) kept its reinsurance and risk transfer program relatively stable at renewals during June 2024, ending the month with a slight increase to just over $9.15 billion of limit.

The California Earthquake Authority (CEA) has maintained its reinsurance and catastrophe bond tower at $9.1 billion in size through the start of 2024, with its most recent renewals for April 1st seeing the insurer securing almost $1.2 billion in protection.

The California Earthquake Authority (CEA) entered the January reinsurance renewals with almost one billion dollars more in risk transfer than a year earlier, as the group reached December 31st 2023 with $9.1 billion of protection in-force.

The California Earthquake Authority (CEA) is said to have stabilised its risk transfer and reinsurance program, while increasing its claims paying capacity to the 1-in-365-year return period, as of January 1st 2024, according to rating agency AM Best.

The California Earthquake Authority (CEA) increased the size of its overall risk transfer and reinsurance program up to November 1st, hitting that date with $9.26 billion in-force, as part of which the CEA’s catastrophe bonds had increased their share.

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.

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.