Residential Reinsurance Ltd. (1999)
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Residential Reinsurance Ltd. (1999) - At a glance:
- Issuer / SPV: Residential Reinsurance Ltd. (1999)
- Cedent / Sponsor: USAA
- Placement / structuring agent/s: Goldman Sachs, Lehman Brothers, Merrill Lynch
- Risk modelling / calculation agents etc: ?
- Risks / Perils covered: U.S. hurricane risks
- Size: $200m
- Trigger type: Indemnity
- Ratings: S&P: 'BB'
- Date of issue: Jun 1999
Residential Reinsurance Ltd. (1999) - Full details
Transfers the risk of hurricane losses for USAA in 20 states and the District of Columbia.
Covers claims in excess of $1 billion arising from a category 3, 4 or 5 storm on the Saffir-Simpson index in hurricane prone U.S. coastal areas.
Sale of $200 million in bonds to a group of private investors via a private placement. The proceeds of that sale were segregated into a Regulation 114 trust to pay claims.
This cat bond was a one year issuance.
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