Swiss Re Capital Markets announces $ 775 million in bonds for the Cali Earthquake Authority

Swiss Re Capital Markets, a division of the global reinsurance giant, has announced a successful structuring and investment of $ 775 million in insurance-related securities by Ursa Re II Ltd.

The disaster bond will be used to protect the California Earthquake Authority (CEA).

CEA is protecting policyholders in California from earthquakes and hopes the deal will help boost their ability to pay claims.

This is said to be the largest catastrophe bond issue of 2020 and the largest converted structure in the history of the ILS market.

CEA has entered into two reinsurance agreements with Swiss Re, which, as transfers, has transferred risks via two reinsurance agreements to Ursa Re II to receive protection on an annual total basis, on a compensation basis, against earthquake damage to residential homes in the state.

Ursa Re II is a Bermuda exempt company that is licensed and registered as a special purpose insurance company.

Swiss Re Capital Markets underwent the transaction through two classes of the Variable Rate at Risk Banknotes issued by Ursa Re II.

Ursa Re II secured its obligations under repurchase agreements by issuing $ 425 million in AA class and $ 350 million in D Notes to investors.

Both denominations of banknotes have three loss occurrence periods beginning on October 17, 2020 and ending on November 30, 2023.

Swiss Re’s mission as a company is to make the world more flexible. “We are delighted to have partnered with CEA, which has been helping to protect California residents from the financial consequences of earthquakes for nearly 25 years,” said Jonathan Isherwood, Swiss Re’s CEO of Reinsurance Americas and Regional President.

“Only about 13% of California residents who buy housing insurance also have earthquake protection. It is not a matter of whether the next blow will strike, but when. This deal supports CEA’s ability to expand financial protection to a greater number of California residents who are highly vulnerable to earthquakes.”

Jean-Louis Monier, Head of Retro & ILS Structure at Swiss Re Capital Markets, added, “Swiss Re is pleased to provide continuous support to CEA. Despite the uncertainty about COVID-19, the deal was well received by investors, ultimately allowing the size of the release to be more than three times the initial directive. “

“This was the largest catastrophe bond issuance in 2020 so far, and its success clearly demonstrates the validity of the international labor standards market and the commitment of investors to providing effective guaranteed capacity where it is most needed.”

You can read about this Ursa Re II deal and every disaster bond deal in Artemis’ extensive deal guide.

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