AM Best downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “a-” (Excellent) of California Earthquake Authority. The outlook of the Long-Term ICR has been …
Fitch Ratings assigned an ‘A-‘ rating to the $500 million revenue bond issuance by The California Earthquake Authority. According to the rating agency, the CEA’s ratings reflect a risk transfer strategy that will set its minimum and maximum aggregate claims-paying …
Fitch Ratings downgraded California Earthquake Authority’s Issuer Default Rating and revenue bond ratings to ‘A-‘ from ‘A’. The Rating Outlook is Stable. The rating action follows the vote of the CEA’s Governing Board to reduce the target claims paying capacity …
Swiss Re Capital Markets has successfully structured and placed the issuance of USD $775 million of insurance-linked securities by Ursa Re II Ltd. to be used for the protection of the California Earthquake Authority. CEA reports more than 1 million …
The California Earthquake Authority today released updated guidelines for identifying, evaluating and repairing residential earthquake damage were The guidelines were updated at CEA’s annual claim manager meeting. Experts from CEA and the Applied Technology Council presented the new CEA-ATC publication …
The California Catastrophe Response Council, which oversees the Wildfire Fund, has formally named the California Earthquake Authority the fund’s administrator. The Wildfire Fund was established by the California Legislature, under Assembly Bill 1054 and Assembly Bill 111, and was signed …
The California Earthquake Authority gained 23,861 earthquake insurance policies following the magnitude 6.4 and 7.1 earthquakes and aftershocks that struck on unnamed faults near Ridgecrest beginning on the July 4 holiday. That’s the second-largest monthly net increase in the 23-year …
Guy Carpenter & Company LLC has been named the sole reinsurance intermediary for the newly formed California Wildfire Fund, which is currently being administered by the California Earthquake Authority. Guy Carpenter will provide strategic reinsurance and advisory services to develop …
The governing board of the California Earthquake Authority has voted to increase the number of policyholders eligible for a $3,000 retrofit grant. The CEA board voted to make the grant available to roughly 30,000 CEA policyholders as part of CEA’s …
The recent earthquakes that pummeled neighborhoods in Ridgecrest and Trona in Southern California have led to reports that some insurers and agents may be declining to write earthquake policies in various areas of the state, according to the California Department …
