Calif. Quake Authority Reinsurance Rate Improves
NU Online News Service, May 3, 11:29 a.m. EDT?The California Earthquake Authority said it had negotiated $1.5 billion of reinsurance coverage and will benefit from a blended rate-on-line of 5.84 percent, more than fifty percent lower than 1997 when CEA commenced operating. [@@]
The Sacramento, Calif.-based CEA's rate-on-line at startup was 12.5 percent. CEA said its board has revised its 2005 financial structure and that reinsurers are commited to collateralize the first $300 million of the CEA's 2005 reinsurance program.
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