Swiss Re issues $925M earthquake catastrophe bond for California

The transaction is one of the largest annual catastrophe bonds.

By Denny Jacob | May 24, 2017 at 07:00 AM

Swiss Re Capital Markets placed an issuance of $925 million to be used for the protection of the California Earthquake Authority (CEA).

Swiss Re Capital Markets underwrote the transaction through two classes of principal-at-risk variable rate notes issued by Ursa Re Ltd., each as amended.

The transaction is one of the largest annual catastrophe bonds, and the CEA is well prepared to handle the economic consequences of potential earthquakes.

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