Ursa Re Ltd.

The California Earthquake Authority’s (CEA) Ursa Re Ltd. (Series 2017-1) catastrophe bond issue now looks set to grow even further than anticipated, with the latest reports stating that the deal is likely to now complete to offer $925 million of reinsurance coverage to the insurer.

The California Earthquake Authority’s (CEA) target for its latest catastrophe bond transaction, Ursa Re Ltd. (Series 2017-1), has been lifted significantly with the insurer now aiming for as much as $900 million of capital market backed reinsurance coverage from the deal.

A new catastrophe bond has launched for the California Earthquake Authority (CEA) and it’s one of the largest deals at launch from this regular sponsor of insurance-linked securities (ILS), a $500 million Ursa Re Ltd. (Series 2017-1) transaction.

As of the 1st January 2017 the California Earthquake Authority (CEA) increased the amount of reinsurance and risk transfer that it benefits from by another 15% to reach a record high of just under $6.33 billion.

As of December 1st 2016 the California Earthquake Authority (CEA) has grown the size of its reinsurance program to $5.4 billion, an increase of 20% since April 2016 when the program was $4.5 billion in size, and with catastrophe bonds now contributing over 21% of its risk transfer.

The California Earthquake Authority (CEA) is pleased that ILS investors helped it to lock in a large slice of reinsurance protection at attractive pricing with its just completed $500 million Ursa Re Ltd. (Series 2016-1) catastrophe bond and may explore sponsoring additional cat bonds in 2017, its CEO told Artemis.

The California Earthquake Authority’s (CEA) is set to achieve its $500 million of collateralized reinsurance protection upper target from the Ursa Re Ltd. (Series 2016-1) catastrophe bond transaction, but pricing has settled at the top end of guidance we’re told.

According to sources the California Earthquake Authority’s (CEA) latest catastrophe bond offering, the Ursa Re Ltd. (Series 2016-1) transaction, could be upsized to as large as $500 million in size with pricing moving towards the upper end of initial guidance.

The California Earthquake Authority (CEA) is back with a $300 million Ursa Re Ltd. (Series 2016-1) catastrophe bond offering, as the provider of earthquake insurance cover in California seeks to continue its relationship with the capital markets through a new transaction.

The California Earthquake Association (CEA), the non-profit provider of over 76% of residential earthquake insurance policies in California, has reported a significant increase in policy uptake in 2016, which the CEO told Artemis will mean more risk transfer will likely be required.