More details about the new series of catastrophe bond notes being issued under USAA’s Residential Reinsurance 2010 program are beginning to come to light. As we wrote the other day, USAA is seeking to secure further cat bond cover through the issuance of a Series 2010-II additional layer of cover.
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USAA has closed it’s latest catastrophe bond issuance Residential Reinsurance 2010 Ltd. at a final size of $400m. More details on the transaction are available in our Deal Directory. The deal resulted in four tranches being created (we originally reported on three here). Classes 1 to 3 are all to be calculated on a per-occurrence […]
Sources tell us that one of the catastrophe bonds that has been considered to be at risk from losses due to hurricane Sandy may actually be safe, after an early loss estimate suggested no loss of principal to any of the classes of cat bond notes. As we wrote in an article published yesterday where […]
It’s time for another monthly update on the health of the Swiss Re catastrophe bond indices. Since our last update the catastrophe bond market has burst into a period of rapid issuance with deals such as Residential Re 2010, Mariah Re, Atlas VI Capital, Vitality Re, Lodestone Re, Kortis Capital and Successor X all officially […]
USAA’s latest catastrophe bond issuance, a second series of notes under it’s Cayman Islands based SPV Residential Reinsurance 2010 Ltd., has now closed. The transaction upsized by $100m before close and in total provides USAA with another $300m of multi-peril cat bond cover.
USAA has begun marketing a new series of catastrophe bond notes to add to its Residential Reinsurance 2010 Ltd. transaction. We assume that USAA is seeking to take advantage of investor appetite to secure further coverage for its U.S. peril exposure through this additional issuance.
Having written in the last week about the volume of catastrophe bonds which are listed on the stock exchanges in Bermuda and the Cayman Islands I thought it would be a good idea to list them out by domicile for your information. We are going to include this information into a new catastrophe bond Deal […]
Further details have now emerged on the latest catastrophe bond transaction (which we wrote about earlier this month) to be issued under the Residential Reinsurance name. Residential Reinsurance 2010 has been given a preliminary size of $375m, split over three tranches, although we believe that amount could grow due to demand for this the 14th […]
USAA are preparing to market their 14th catastrophe bond. The most prolific single issuer of cat bond transactions is readying yet another Residential Reinsurance Ltd. deal to be issued under their Cayman Islands based SPV. Residential Re 2010 is expected to provide similar cover to their previous transactions (usually U.S. hurricane and earthquake risks).
The catastrophe bond pipeline is looking healthy as three new transactions are in the very early stages of marketing to investors. Sources in the investment world tell us that issuers are attempting to get all three deals to market prior to the U.S. Atlantic hurricane season.