Swiss Re places $775 million cat bond for California Earthquake Authority

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    Reprints

    Alternative Risk Transfer

    Swiss Re Capital Markets has placed $775 million of annual aggregate indemnity coverage against residential home earthquake damage for the California Earthquake Authority via two catastrophe bond issues by Ursa Re II Ltd., a Bermuda-based special purpose insurer.

    Ursa Re II Ltd.’s $425 million Class AA Notes and $350 million Class D Notes both have three loss occurrence periods starting Oct. 17, 2020 and ending Nov. 30 2023, Swiss Re Capital Markets, part of Swiss Re Ltd. said Friday in a statement.

    The California Earthquake Authority protects more than one million policyholders in California against earthquakes, the statement said.

    Only around 13% of Californians who purchase residential insurance also have earthquake protection, Jonathan Isherwood, Swiss Re’s CEO Reinsurance Americas and regional president, said in the statement.