CEA’s Ursa Re notes achieve 1.7x multiple in 2025, 56% down on 2023 deals

The shift in multiples is indicative of price softening in the cat bond the past two years.

November 19, 2025

The California Earthquake Authority’s four Ursa Re cat bond notes that have placed this year achieved a weighted average multiple of 1.7x,

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Topics

Analysis Catastrophe bonds ILS managers California Property treaty North America