CEA completes its largest ILS yet

Category: ABS Insurance-linked securities


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The California Earthquake Authority (CEA) has completed its largest ever ILS (see SCI 22 May). The US$925m Ursa Re 2017-1 transaction, structured by Swiss Re, is one of the largest indemnity, annual aggregate catastrophe bonds and covers California earthquake risk.

Swiss Re underwrote the transaction through two classes of principal-at-risk variable rate notes issued by Ursa Re.

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