USAA has closed it’s latest catastrophe bond issuance Residential Reinsurance 2010 Ltd. at a final size of $400m. More details on the transaction are available in our Deal Directory.
The deal resulted in four tranches being created (we originally reported on three here). Classes 1 to 3 are all to be calculated on a per-occurrence basis while the Class 4 tranche will be calculated on an annual aggregate basis. The fourth tranche was not given a rating as it wasn’t submitted to the rating agency.
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