The California Earthquake Authority (CEA) will now secure its latest catastrophe bond to provide a reduced $245 million in collateralized California earthquake reinsurance protection through the Ursa Re II Ltd. (Series 2022-1) issuance.
The initial target size was $275 million when the CEA came back to market for its latest catastrophe bond earlier in May.
The CEA was looking to secure $275 million or more of multi-year and fully-collateralized California earthquake reinsurance protection through two tranches of notes issued by its Ursa Re II Ltd. Bermuda based SPI.
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