CEA reduces purchase of earthquake reinsurance 4.1 after strong 1.1 renewals

The California Earthquake Authority (CEA), which describes itself as the largest single buyer of reinsurance in the United States, reduced the maximum limits allowed on renewals in April by about 19% while consolidating treaties.

CEA currently has $1.155 billion in traditional property reinsurance treaty dated Renewals 4.1, shy of the $1.441 billion treaty that CEA previously indicated would mature to that point, according to a recently released financial overview from the insurance group. The CEA has been incorporated into six April treaties as of 12 due at the end of March.

After a strong score of 1.1, the total risk transfer program increased by a fractional amount of $25 million to reach $9.08 billion versus previously issued levels dated at the end of 2023.

The data indicated that in 1.1, CEA purchased a maximum of $2.57 billion across 7 treaties to replace $2.16 billion from eight treaties due.

The software purchased so far in 2024 may have been too expensive. The waiver rate rose nearly 20 percentage points to 76.5% for a slight increase in the threshold that the Tower suggested may be related to only a partially lower percentage, four months of unaudited financial statements indicate.

In terms of profit and loss for the first four months, written premiums fell by approximately 8%, but reinsurance concessions rose by 23% compared to the same period of the previous year, resulting in a roughly 50% year-on-year decline in net premiums written.

CEA faced an additional $85.5 million in three treaties that were scheduled to expire at the end of May, but there has been no word yet in the latest meeting documents as of June 5.

Next: two treaties due in late June for a maximum of $136 million, three treaties due at the end of July for more than $456 million and four treaties due at the end of September for just over $511 million.

The $9.08 billion in risk transfer fills just under half of CEA's total claims of $20.1 billion, comes on top of CEA's available capital of $6.1 billion and is topped by $2.2 billion in revenue bonds, and $1 billion in potential additional charges to holders. Insurance documents and potential costs. $1.7 billion industry valuation II.

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