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2011 Press Releases

East Coast Jolt Is Wake-Up Call For Congress To Act on Quake Insurance Affordability

With shaking from an earthquake in Virginia felt as far away as New York, Illinois and Georgia, on the heels of a 5.3 magnitude earthquake in Colorado yesterday, federal decision makers in the U.S. Capitol today received a reminder that prioritization for earthquake preparedness is not just for the Western states. …

August 23, 2011 | Download (PDF)

California Earthquake Authority Completes Landmark Deal, Pioneering New Way to Manage and Diversify Financial Risk Posed by Natural Disasters

The California Earthquake Authority (CEA) today said it has completed a first-of-its-kind transaction that opens a more direct path to transfer the financial risk posed by earthquakes. The transaction allows CEA to obtain reinsurance from the capital markets rather than solely from reinsurers. The initial $150 million, three-year deal – the first earthquake-only catastrophe bond issued without involvement of traditional reinsurers – is intended to be a benchmark establishing a more efficient, lower-cost market for similar follow-on deals by CEA, while expanding the sources and amount of claim-paying capacity available to the CEA. …

July 27, 2011 | Download (PDF)

Lessons for Californians from the Earthquake in Japan

The tragic tsunamis and Magnitude 8.9 earthquake that have struck Japan – the 5th largest quake in the world since 1900 – are a stark reminder: earthquakes can happen any time and it’s essential to prepare, not just for the quake but for what happens after. ...

March 11, 2011 | Download (PDF)

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