The California Seismological Authority (CEA) has raised its target size for its first disaster bond transaction in 2021, and is now seeking up to $ 215 million in full earthquake reinsurance protection through the Ursa Re II Ltd. issuance. (Series 2021-1). The latest CEA disaster bonds for investors were launched a few weeks ago, and they aimed to provide at least $ 150 million in guaranteed earthquake reinsurance protection for the insurer.
Now, the target has been raised, with the cat’s bonds expected to settle somewhere as much as $ 215 million.
At the same time, prices have tightened, indicating potentially effective implementation and cost-effective reinsurance from the capital markets at this time.
The special purpose insurer Ursa Re II Ltd. Now one chip of 2021-1 Series F banknotes ranging in size from $ 150 million to $ 215 million, as we tell now.
The bonds will be sold to ILS’s third-party investors and funds, with the proceeds used to secure a basic earthquake reinsurance agreement between Ursa Re II Ltd and the reinsurer Swiss Re, which in turn enters into a reinsurance agreement with CEA.
The memos would provide CEA with a guaranteed source of earthquake reinsurance protection in California over a period of approximately three years and nine months, with cover provided on an annual total and compensation basis.
As we explained earlier when this deal came out, the unusual term appears designed to bring recent CEA cat bonds in line with some of its other sources of protection maturities.
Now up to $ 215 million in Class F banknotes from this Ursa Re II 2021-1 bond issue, which has an expected initial loss of 3.74%, was initially offered to ILS investors with price guidance in the range of 6.75% to 7.25% .
Now tell us that this price has decreased, with a rate range now being marketed from 6.25% to 6.75%.
As a result, reinsurance protection may come from these bond papers, which will fall across the $ 500 million tier of the CEA program with losses of $ 2.1 billion, at or below the initial price guidance at which the notes were marketed.
CEA’s Reinsurance and Disaster Risk Transfer Program reached a new high of roughly $ 9.6 billion in October 2020, but then contracted slightly after the cat bond protection maturity of $ 9.15 billion as of December 2020.
As we explained at the time in December, new disaster bonds were likely to be issued, as the Clean Energy Agency renewed a significant amount of reinsurance protection in January, so a visit to the capital markets was also likely.
Now, that visit to the capital markets has begun, with what will be the ninth cat bonds to be sponsored under the name Ursa Re by CEA and the 14th disaster document with the California Earthquakes Authority listed as a direct sponsor in our deals directory.
We will keep you updated with the launch of the Ursa Re II Ltd. bond issue. New (Series 2021-1) from the California Earthquake Authority (CEA) on the market.
You can read all about this New Deal and all other disaster bonds issued at Artemis Deals Guide.
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