Residential Reinsurance 2003 Ltd.
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Residential Reinsurance 2003 Ltd. - At a glance:
- Issuer / SPV: Residential Reinsurance 2003 Ltd.
- Cedent / Sponsor: USAA
- Placement / structuring agent/s: Goldman Sachs bookrunner and BNP Paribas co-manager.
- Risk modelling / calculation agents etc: ?
- Risks / Perils covered: U.S. hurricane, U.S. earthquake
- Size: $160m
- Trigger type: Indemnity
- Ratings: S&P: 'BB+'
- Date of issue: Jun 2003
Residential Reinsurance 2003 Ltd. - Full details
Another USAA cat bond under their Residential Reinsurance series of deals. The 2003 transaction saw USAA transfer U.S. earthquake risks to the capital markets for the first time as well as their usual peril of hurricane risk.
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