CEA targets $175mn of Ursa Re limit across Class AA and Class C notes
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CEA targets $175mn of Ursa Re limit across Class AA and Class C notes

Liz Bury
27 March 2023
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The California Earthquake Authority (CEA) is seeking $175mn of catastrophe bond limit across two tranches, comprising $100mn of Class AA and $75mn of Class C notes, with a new Ursa Re issuance.

The coverage will be indemnity, annual aggregate, for earthquake in the state of California.

Pricing guidance on the Class AA notes 600-650 basis points (bps), giving a midpoint multiplier of 5.8x

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