Ursa Re Ltd.

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 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.

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.

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, 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.

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.

Pricing has tightened for the new up to $250 million Ursa Re Ltd. (Series 2018-1) catastrophe bond that is being currently marketed on behalf of the California Earthquake Authority (CEA) and at the moment looks like it will settle close to or just below the initial guidance mid-point.

The California Earthquake Authority, the not-for-profit residential earthquake insurance provider, is returning to the capital markets for another slice of reinsurance protection with a new Ursa Re Ltd. (Series 2018-1) catastrophe bond that targets up to $250 million of coverage.

The latest catastrophe bond from the California Earthquake Authority (CEA), the Ursa Re Ltd. (Series 2017-2) transaction, has so far not increased in size, still targeting $400 million of collateralized quake reinsurance, but the price guidance has now been fixed at levels which show very little in the way of uplift.

The California Earthquake Authority (CEA) is returning to the catastrophe bond market once again with a $400 million Ursa Re Ltd. (Series 2017-2) transaction, which will be its fifth cat bond using the Ursa Re vehicle and its ninth where we have the CEA listed as sponsor in our Deal Directory.