Residential Reinsurance 2004 Ltd.

The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.

Residential Reinsurance 2004 Ltd. - At a glance:

  • Issuer / SPV: Residential Reinsurance 2004 Ltd.
  • Cedent / Sponsor: USAA
  • Placement / structuring agent/s: Goldman Sachs is lead manager and bookrunner. BNP Paribas is acted as co-manager.
  • Risk modelling / calculation agents etc: AIR Worldwide
  • Risks / Perils covered: U.S. hurricane, U.S. earthquake
  • Size: $227.5m
  • Trigger type: Indemnity
  • Ratings: S&P: Class A - 'BB', Class B - 'B'
  • Date of issue: May 2004

Residential Reinsurance 2004 Ltd. - Full details

This three year deal comprises two tranches. The first a $127.5m Class A tranche with expected loss of 1.21%, the second a $100m Class B tranche with an expected loss of 3.16%.

This deal protects USAA from both hurricane and earthquake risks. It uses an indemnity trigger, meaning that coverage of the bond matches losses on USAA’s portfolio if triggered.

Go back to the Catastrophe Bond Deal Directory

The Artemis Catastrophe Bond & Insurance-Linked Securities Deal Directory is copyright © Steve Evans Ltd. Reproduction or publication without permission is not permitted. Use of this information within a commercial product, or for profit, without a license is strictly prohibited. Contact us if you would like to use this content or to discuss licensing.

Jardine Lloyd Thompson Capital Markets

Credit Suisse Insurance Linked Strategies