Having struggled in placing reinsurance in October and feeling that the January renewals could be a further challenge, the California Earthquake Authority (CEA) has successfully sponsored the largest catastrophe bond issue since hurricane Ian struck, securing a new $305 million Ursa Re II Ltd. (Series 2022-2) deal.
This placement of a significant $305 million transaction at a time of severe global reinsurance market upheaval is testament to the cat bond market’s ability to support its long-term sponsors when they need capacity.
We’re told that Swiss Re Capital Markets was the sole structuring agent and bookrunner for this new CEA catastrophe bond issuance.
FULL ORIGINAL PUBLICATION HERE