The California Earthquake Authority (CEA) is back in the catastrophe bond market looking for more earthquake reinsurance protection from the capital markets, with an initial $250 million target for what will be its 22nd directly sponsored cat bond, an Ursa Re II Ltd. (Series 2025-1) issuance.
This is the California Earthquake Authority’s (CEA) second visit to the catastrophe bond market in 2025, having successfully secured an upsized $400 million of reinsurance through the Ursa Re Ltd. (Series 2025-1) issuance in February.
Now, the CEA has returned using its other special purpose insurer (SPI), Ursa Re II Ltd., with an initial target to add a further $250 million of California earthquake reinsurance protection from the insurance-linked securities (ILS) market with this new deal.
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