Calif. SCIF cat bond to cover earthquake-related workers comp claims

The California State Compensation Insurance Fund is expected to close a new catastrophe bond next week that would cover earthquake-related workers compensation claims—a move that an analyst says could be followed by other workers comp insurers. A recent report from Standard & Poor’s Corp. said that an undefined amount of three-year, Class A senior notes are to be issued on behalf of SCIF by Golden State Re Ltd., a newly incorporated special-purpose insurer based in Bermuda.