Appleby Bermuda Advises on California Earthquake Authority’s USD425 Million Catastrophe Bond Issuance
The California Earthquake Authority (CEA) has secured USD425 million of fully collateralized earthquake reinsurance protection from the capital markets through its Sutter Re Ltd. (Series 2026-1) catastrophe bond issuance.
The Sutter Re Series 2026-1 issuance provides USD425 million of earthquake reinsurance protection for the CEA and represents an upsizing of the originally targeted transaction.
Appleby acted as Bermuda counsel, advising on all aspects of Bermuda law, including issuing a legal opinion, coordinating the listing of the notes on the Bermuda Stock Exchange, providing the corporate authorities for the transaction and assisting with the closing of the transaction.
Appleby Global Corporate Services (Bermuda) Ltd provided corporate administration services and Appleby Global Listing Services (Bermuda) Ltd acted as listing sponsor to the issuer.
The transaction was led by Bermuda Managing Partner Brad Adderley, with support from Senior Associate Melinda Mayne.
