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CEA prices new cat bond, secures upsized $230m of quake reinsurance

October 11, 2023

The California Earthquake Authority (CEA) has now secured its new Ursa Re Ltd. (Series 2023-2) earthquake catastrophe bond at the upper-end of the targeted size, securing itself $230 million in collateralized earthquake reinsurance from the issuance, while the notes priced towards the lower-end of guidance.

The California Earthquake Authority (CEA), which is one of the most consistent sponsors of catastrophe bonds as a component of its significant reinsurance tower needs, returned to the market in late September with this new Ursa Re 2023-2 cat bond.

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