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.
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