California Earthquake Insurer Sells Muni Debt to Avoid Paying More for Coverage [BNN Bloomberg (Canada)]
JP Morgan Chase & Co. (JPM)
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Source: BNN Bloomberg
The California Earthquake Authority plans to sell $250 million of debt on July 8. The notes, maturing in November, are backed by policy premiums and the proceeds will be used to bolster the insurer's funds earmarked to repay claims, according to a preliminary official statement. The short-term sale is an unusual maneuver that would allow the CEA to temporarily lower the amount of available capital on its balance sheet. At the end of March, the organization had $20.5 billion in funds to pay claims, including $6.2 billion in available capital and $1.7 billion from partnering insurance companies. These insurers can reduce their payments if the CEA's available capital exceeds $6 billion for more than six months. If that happens, CEA would have to fill the gap by getting more reinsurance, which it wants to avoid to keep costs down for the state's homeowners. Prices for US property catastrophe reinsurance have doubled between 2018 and 2023, according to a National Bureau of Economic Re
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