The state treasurer announced the sale of a $ 300 million bond to the California Earthquake Authority

California State Treasurer Fiona Ma announced the sale of $ 300 million in taxable revenue bonds to the California Earthquake Authority (CEA). The bond yields will be used to enhance the CEA’s ability to pay claims.

The California state legislature formed CEA in 1996 as a privately funded and publicly managed organization in the wake of the real estate and insurance market disruption caused by the 1994 Northridge earthquake. CEA has introduced basic residential earthquake insurance policies since December 1996. CEA does not offer any other type of insurance. It also does not cover commercial risks.

“This helps boost earthquake insurance in California so that homeowners can continue to be well protected,” said Treasurer Ma, a member of the CEA Board of Directors. The Office of the State Treasurer acts as the sales agent for the bonds issued by CEA.

CEA is California’s leading earthquake risk insurer with a 67% share of the state’s residential earthquake policies. As of September 30, 2020, CEA had 1.136 million policyholders and insured property values ​​of more than $ 557 billion. As of October 17, 2020, CEA has nearly $ 19.3 billion in claims payment resources, which according to commercial loss models are sufficient to pay all claims from a single earthquake in 400 years or a series of earthquakes.

The bonds were well received by investors, generating more than $ 2.6 billion in orders. The overall real interest cost on the bonds is 1.64 percent. Investor returns ranged from 1.127% for the January 2021 maturity to 1.477% for the 2023 maturity. A-rated bonds by Fitch Ratings and AA- by the Kroll Bond Rating Agency.

Citigroup Global Markets Inc. Senior Management Underwriter position with Goldman Sachs & Co. LLC and JP Morgan Securities LLC as co-directors. Additionally, there were 11 co-directors to complete the IPO.

The calendar for all upcoming government bond sales is available at BuyCaliforniaBonds.com.

This article was released by the Office of the California State Treasurer.

Please follow and like us:

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos