Espada Re

USAA, the military mutual insurance firm and long-time catastrophe bond sponsor, has continued to benefit from its capital markets backed reinsurance coverage, with two more recoveries amounting to roughly $5.5 million coming from two of its 2016 vintage cat bond deals in recent weeks.

Investors in two of primary mutual insurer USAA’s outstanding and loss affected catastrophe bonds have received additional returns of collateral from the structures, with approximately $17.44 million delivered back to holders of each set of notes, Artemis has learned.

Primary mutual insurer USAA continues to work through the reinsurance implications of a range of loss events to its catastrophe bond program, with the latest development being a return of some principal from the Espada Reinsurance Limited (Series 2016-1) to investors.

Primary mutual insurer USAA continues to benefit from reinsurance recoveries under its catastrophe bond program, with another small loss payment made from its Espada Reinsurance Limited (Series 2016-1) catastrophe bond transaction.

Some of the loss hit catastrophe bonds sponsored by U.S. primary mutual insurer USAA have benefited from a return of principal with respect to previously made loss payments under certain reinsurance agreements, presumably a sign of wildfire related subrogation recoveries flowing to the benefit of cat bond funds and investors.

U.S. primary mutual insurer USAA has made a second reinsurance recovery from its Espada Reinsurance Limited (Series 2016-1) catastrophe bond transaction and has released more of the outstanding principal back to investors as well.

U.S. primary mutual insurer USAA has added another just more than $57.4 million to the reinsurance recoveries made under its Residential Re catastrophe bond program, as it continues to benefit from the catastrophe protection the program has provided it through recent heavy loss years.

U.S. primary mutual insurer USAA continues to make reinsurance recoveries under its Residential Re catastrophe bond program, with the latest loss payments to come to light amounting to almost $62.6 million.

U.S. primary mutual insurer USAA appears to have made another reinsurance recovery under one of its Residential Re catastrophe bond programs, while other ResRe tranches have had their maturity extended further again.

U.S. primary mutual insurer USAA has made a number of reinsurance recoveries under its catastrophe bond programs it appears, reducing the principal outstanding on a number of tranches of both in-force and maturity extended cat bonds in the Residential Reinsurance series and its Espada Reinsurance deals.