The California Earthquake Authority (CEA) is aiming to meaningfully upsize its latest catastrophe bond sponsorship, with the target for the issuance raised 50% to now $900 million of fully-collateralized earthquake reinsurance limit from the new Ursa Re Ltd. (Series 2026-1) transaction, Artemis understands.
The California Earthquake Authority (CEA) returned to the catastrophe bond market in late October, with an initial target to secure $600 million of reinsurance protection from its latest cat bond sponsorship.
Given market conditions and how conducive the pricing environment is for sponsors of cat bonds at this time, it’s no surprise to learn the CEA is looking to increase the amount of reinsurance limit from its latest deal, while we’re told it is also targeting lower pricing for the protection as well.
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