The California Earthquake Authority (CEA) has now secured and priced its new Ursa Re Ltd. (Series 2023-1) catastrophe bond to provide it an upsized $200 million of reinsurance, while on average the spreads settled around 10% below the initial mid-point of guidance.
The California Earthquake Authority (CEA) returned to the catastrophe bond market in late March, with its first issuance of 2023.
Bermuda based Ursa Re Ltd., the CEA’s special purpose vehicle, will issue two tranches of Series 2023-1 notes, that will be sold to investors and the proceeds used to collateralize a retrocessional earthquake reinsurance agreement with Swiss Re, while Swiss Re will in turn provide the earthquake reinsurance to the CEA.
FULL ORIGINAL PUBLICATION HERE
