New California fund cat bond registered on Bermuda

The California State Compensation Insurance Fund (SCIF) will issue its latest cat bond from a new special purpose vehicle formed on Bermuda.

Golden State Re II is the the latest cat bond to be issued by the California State Compensation Insurance Fund (SCIF).

This is the second time SCIF has accessed the cat-bond market to obtain reinsurance coverage. In December 2011, the SCIF sponsored its first catastrophe bond Golden State Re which provided the SCIF with $200 million of protection against workers’ compensation claims as a result of US earthquakes.