Residential Reinsurance Ltd.

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Residential Reinsurance Ltd. - At a glance:

• Issuer / SPV: Residential Reinsurance Ltd.
• Cedent / Sponsor: USAA
• Placement / structuring agent/s: Merrill Lynch, Goldman Sachs and Lehman Brothers all participated in this deal
• Risk modelling / calculation agents etc: ?
• Risks / Perils covered: U.S. hurricane
• Size: $480m
• Trigger type: Indemnity
• Ratings: S&P: Class A1 - 'AAA', Class A2 - 'BB'
• Date of issue: Jun 1997

Residential Reinsurance Ltd. - Full details

Two tranches of catastrophe bond coverage for losses from a single hurricane occurrence during the one-year reinsurance period. Covering windstorm losses in states on the Atlantic and Gulf Coast.

The Class A-1 tranche was $163.8m. Class A-2 was $313.18m.