CEA INCREASES REINSURANCE COVER TO RECORD $8.59BN

The California Earthquake Authority, the state-administered quake insurer, raised its overall reinsurance programme to a record $8.59bn at the January renewals. The group’s reinsurance tower now includes nearly $6.62bn in traditional reinsurance and nearly $1.98bn in catastrophe bonds through its Ursa Re vehicle. The CEA’s programme stood at a previous high of $8.33bn last January.