The California Earthquake Authority (CEA) has returned to the catastrophe bond market for its second sponsorship of this year, with an initial target to secure $600 million of fully-collateralized earthquake reinsurance from a new Ursa Re Ltd. (Series 2026-1) issuance, Artemis can report.
In 2025, the California Earthquake Authority (CEA) sponsored issuance of three series of catastrophe bonds, securing $1.57 billion of earthquake reinsurance protection from the cat bond market.
For 2026, the CEA first returned in June and secured $425 million of earthquake reinsurance from the capital markets through a Sutter Re Ltd. (Series 2026-1) deal.
Now, the earthquake specialist insurer in California is back and from the start looking for a larger $600 million of protection with this new Ursa Re 2026-1 cat bond, we have learned.
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