$350 Million of Earthquake Bonds To Be Sold in California

The California Earthquake Authority, the largest seismic insurer in the U.S., is selling $350 million in bonds to strengthen its ability to pay claims, after the state’s first death due to a quake in 11 years. The debt, which is federally taxable, is the first offering by the authority since 2006. The agency was created in 1996, two years after the Northridge temblor in metropolitan Los Angeles, which remains the costliest U.S. earthquake to insurers.