CEA targets $275m Ursa Re II 2022 California quake catastrophe bond

The California Earthquake Authority (CEA) is back in the catastrophe bond market for the first time in more than a year, seeking $275 million or more of collateralized California earthquake reinsurance protection through an Ursa Re II Ltd. (Series 2022-1) issuance.

The California Earthquake Authority (CEA) is among the most prolific sponsors of catastrophe bonds, collateralised reinsurance and insurance-linked securities (ILS) in recent years, which are all key sources of protection within its reinsurance program arrangements.

While there have been some changes in the way the CEA approaches its claims paying capacity, reinsurance remains a core source of capital and protection for the insurer and its risk transfer program was $9.44 billion in size at the end of 2021, with $2.09 billion coming from catastrophe bonds.

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