Residential Reinsurance 2000 Ltd.

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Residential Reinsurance 2000 Ltd. - At a glance:

  • Issuer / SPV: Residential Reinsurance 2000 Ltd.
  • Cedent / Sponsor: USAA
  • Placement / structuring agent/s: Goldman Sachs structured the securities and co-underwrote them with Lehman Brothers Inc., Merrill Lynch & Co. & Pierce, Fenner & Smith Inc.
  • Risk modelling / calculation agents etc: AIR Worldwide
  • Risks / Perils covered: U.S. hurricane
  • Size: $200m
  • Trigger type: Indemnity
  • Ratings: S&P: 'BB+'
  • Date of issue: Jun 2000

Residential Reinsurance 2000 Ltd. - Full details

As part of its reinsurance efforts, USAA purchased a mix of capital-market reinsurance acquired from Residential Reinsurance 2000 Limited and reinsurance from the Florida Hurricane Catastrophe Fund.

An important piece of the USAA reinsurance program is the capital-market reinsurance acquired from Residential Reinsurance 2000 Limited on June 1. In that transaction, Residential Reinsurance 2000 Limited completed the sale of $200 million of privately placed catastrophe bonds. The proceeds of that sale are held in trust to pay USAA claims should an event produce losses in excess of $1.1 billion arising from a category 3 or higher hurricane striking anywhere in 20 Eastern states or the District of Colombia.

The notes have been rated ‘BB+’ by Standard & Poor’s.

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