California cat bond to be issued through Ursa Re

Bermuda-based special purpose insurer Urse Re has been selected by the California Earthquake Authority (CEA) to issue a catastrophe (cat) bond worth $250 million to cover earthquake risk in California.

The cat bond been admitted for the Bermuda Stock Exchange’s official list.

The Series 2015-1 Class B notes will run for three years and become due on September 21, 2018.