The California Earthquake Authority (CEA) is back once again in the catastrophe bond market with the second issuance it has sponsored so far this year, seeking a $250 million or larger source of collateralised earthquake reinsurance from this Ursa Re II Ltd. (Series 2020-1) deal.

Earlier this year, the CEA, which is a not-for-profit residential earthquake insurer for California, secured $700 million of earthquake reinsurance through a Sutter Re Ltd. (Series 20201- & 2020-2) issuance.

But for its next catastrophe bond deal, the CEA has reverted back to the Ursa Re moniker, registering a new Bermuda-based special purpose insurer named Ursa Re II Ltd. for the purpose of its latest capital markets foray.

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