Residential Reinsurance 2011 Ltd. (Series 2011-2)

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Residential Reinsurance 2011 Ltd. (Series 2011-2) - At a glance:

• Issuer / SPV: Residential Reinsurance 2011 Ltd. (Series 2011-2)
• Cedent / Sponsor: USAA
• Placement / structuring agent/s: ?
• Risk modelling / calculation agents etc: ?
• Risks / Perils covered: U.S. hurricane, U.S. earthquake, U.S. severe thunderstorm, U.S. winter storm, U.S. wildfire
• Size: $150m
• Trigger type: Indemnity
• Ratings: NR
• Date of issue: Nov 2011
• Artemis.bm news coverage: Articles discussing Residential Reinsurance 2011 Ltd. (Series 2011-2) from Artemis.bm

Residential Reinsurance 2011 Ltd. (Series 2011-2) - Full details

Details on this transaction are scarce given the privately placed nature of the cat bond.

This is USAA’s 17th catastrophe bond issuance that we are aware of. You can read details of every USAA cat bond in our Deal Directory.

USAA are seeking further cat bond cover through their Residential Reinsurance 2011 Ltd. Caymans Islands SPV. This Series 2011-2 issuance will provide USAA with cover for U.S. hurricane, U.S. earthquakes (and fire following), U.S. severe thunderstorms, U.S. winter storms and Californian wildfire risks on an indemnity basis

Scheduled to run for just over four years with maturity slated for 6th December 2015. The notes can be extended beyond that date for loss development and reporting.

Although private, this deal is 144A compliant.

Residential Re 2011 issued two tranches of Series 2011-2 notes. $100m Class 1 notes which pay 8.9% over quarterly U.S. treasury rates and $50m Class 2 notes which pay 13.25% over quarterly U.S. treasury rates.

This deal was not rated.