California Earthquake issues $230m in cat bonds

The California Earthquake Authority  has issued $230 million  in catastrophe bonds, according to a listing on the Bermuda Stock Exchange.

The three-year bonds were issued by the CEA’s sponsor Ursa Re Ltd, which earlier this year issued $200 million worth of notes.

The Class E variable rate notes were listed on October 18 and were sponsored by Ocorian Securities (Bermuda).

The announcement comes after a separate CEA special purpose vehicle, Sutter Re, delisted $700 million worth of notes which expired in May. Those notes raised $700 million.