Residential Re 2013

The maturity date for the remaining $40 million of principal of U.S. primary military mutual insurer USAA’s Residential Reinsurance 2013 Ltd. (Series 2013-2) catastrophe bond Class 1 notes has been extended by another three months, as the insurer waits for its loss estimates from Californian wildfires to be finalised.

U.S. primary military mutual insurer USAA has opted to extend the maturity of half of the principal of one tranche of its Residential Reinsurance 2013 Ltd. (Series 2013-2) catastrophe bond, electing to hold back $40 million of collateral to allow for loss development from the California wildfires.

With the listing of insurer USAA’s latest, and twenty-first, catastrophe bond transaction, Residential Reinsurance 2013 Ltd. (Series 2013-2), the Cayman Islands Stock Exchange (CSX) has announced its 200th catastrophe bond listing on the exchange.

Primary and military mutual insurer USAA’s latest, and twenty-first, catastrophe bond transaction, Residential Reinsurance 2013 Ltd. (Series 2013-2), has been priced at the lowest end of the guidance ranges, demonstrating investors appetite for riskier cat bond tranches.

Insurance-linked securities (ILS) investors have shown their willingness to take on new levels of catastrophe reinsurance risk, helping USAA’s latest cat bond, Residential Reinsurance 2013 Ltd. (Series 2013-2), increase in size while price guidance has dropped to below the originally marketed range.

Artemis has now gleaned some more detail on U.S. primary and military mutual insurer USAA’s twenty-first catastrophe bond transaction under the Residential Re name,  Residential Reinsurance 2013 Ltd. (Series 2013-2).

U.S. primary insurer and military focused mutual insurer USAA is returning to the catastrophe bond market once again with a dual-tranche Residential Reinsurance 2013 Ltd. (Series 2013-2), offering investors both high and low yield opportunities.

The Residential Reinsurance 2013 Ltd. (Series 2013-1) catastrophe bond from regular cat bond sponsor U.S. primary insurer and military focused mutual insurer USAA completed successfully last Friday. The completion of its 20th Residential Re cat bond sees USAA benefit from a new $300m source of fully-collateralized reinsurance for a range of U.S. perils.

The Residential Reinsurance 2013 Ltd. (Series 2013-1) catastrophe bond, the 20th Res Re cat bond deal from prolific sponsor the U.S. primary insurer and military focused mutual insurer USAA, has now priced. Once again, as with all recent cat bond deals, the risk premium paid to investors has dropped even further by the time the […]

U.S. primary insurer and military focused mutual insurer USAA has become the latest cat bond sponsor to see its new transaction increase in size and pricing expectations for the deal drop due to demand from investors. Residential Reinsurance 2013 Ltd. (Series 2013-1) is the 20th cat bond USAA has sponsored under the Residential Re banner […]