The CEA Earthquake Program sets the cost of California reinsurance. Rate 6.9% online

The California Earthquake Authority (CEA), which bills itself as the largest single buyer of reinsurance in the United States, loosely budgets for risk transfer costs at a 6.9% online rate, staff noted in a council study.

CEA's board will be asked to approve the revenue bond issue at its suspended session, a move largely aimed at keeping the group's balance of available capital below the $6 billion mark that would trigger automatic reductions in member contributions.

In the context of the debate over revamping the revenue bond issuance, staff claim that risk transfer needs will increase by approximately $249 million, translating to a cost savings of $17.2 million for CEA at a 6.9% online rate.

The release will take 2-3 months to pass the accounting deadline in the Member Evaluation Tier.

So far in 2024, CEA has purchased $1.155 billion in conventional property reinsurance treaties dated at 4.1 renewals after collecting the $2.57 billion cap at 1.1.

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 on CEA's renewal list: 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 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.

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