CEA acquired a $ 215 million bond from Ursa Re cat at an 11% discount.

The California Seismological Authority (CEA) secured its first catastrophic bond deal in 2021 at the double target of $ 215 million, while the Ursa Re II Ltd. disaster bond was priced. (Series 2021-1) is already at minimal cuts. Coupon Guidelines: Prices have moved significantly, again reflecting high levels of investor appetite in the Insurance Linked Securities (ILS) market at this time, particularly for catastrophe bonds sponsored by recognized and trusted parties.

CEA has now secured $ 215 million in fully guaranteed earthquake reinsurance protection in California with the new issue, which will raise the disaster insurance bond coverage in effect for earthquake insurers to $ 2.34 billion when this deal is completed in early March.

This new Ursa Re II 2021-1 disaster relief bond was launched from CEA to investors a few weeks ago, and its goal at the time was to secure at least $ 150 million in insurance company’s guaranteed earthquake reinsurance protection.

The market was responsive to the issue and shortly after the target was raised, the bond price is expected to stabilize somewhere around $ 215 million.

Now that the magnified target is secured, Ursa Re II Ltd. One slide of 2021-1 F Series banknote worth $ 215 million, which is sold to third-party ILS investors and funds.

The proceeds from the sale will be used to secure a basic earthquake reinsurance agreement between Ursa Re II Ltd and the reinsurer Swiss Re, which in turn will enter into a reinsurance agreement with CEA.

The memos would provide CEA with a $ 215 million source of earthquake reinsurance protection in California over a period of approximately three years and nine months, while providing cover on an annual gross and compensation payment basis.

A single chip F denomination of the Ursa Re II 2021-1 bond issue, which has a projected initial loss of 3.74%, was initially offered to ILS investors with price guidance in the range from 6.75% to 7.25%.

The strong investor response helped lower the price guidance, as the coupon range fell to 6.25% to 6.75%, thus lower than the original spread guidance.

Ultimately, CEA secured $ 215 million in reinsurance protection with a coupon of 6.25%, so the lower bound for the reduced price directive range.

This represents a drop of approximately 11% in prices from the midpoint of the initial guidance point.

As we indicated, once this deal is settled, the California Seismological Authority (CEA) will receive $ 2.34 billion in disaster-backed bonds, multi-year earthquake protection reinsurance.

This is below the highest point in the cat bond program, so it is entirely possible that we will see CEA again in the market later this year as reinsurance needs continue to expand.

You can read all about the Ursa Re II Ltd. Edition. New (Series 2021-1) disaster bonds from the California Earthquake Authority (CEA) and all other cat bonds issued in the Artemis Deal Guide.

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