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S&P remove Residential Re 2011 & 2012 cat bond notes from CreditWatch and affirm

Rating agency Standard & Poor’s have resolved the rating uncertainty on two aggregate tranches of catastrophe bond notes from USAA’s Residential Reinsurance 2011 Ltd. (Series 2011-1) and Residential Reinsurance 2012 Ltd. (Series 2012-1) transactions. Both tranches had been on CreditWatch since the 6th November due to the potential impact of read the full article →

Residential Re 2011 notes downgraded on greater attachment probability due to Sandy

In a move which was to be expected, rating agency Standard & Poor’s have downgraded one aggregate class of notes issued in USAA’s Residential Reinsurance 2011 Ltd. (Series 2011-1)  catastrophe bond transaction as a result of the qualifying losses caused by hurricane Sandy. On the 6th November S&P placed the read the full article →

S&P put Residential Re 2011 & 2012 aggregate notes on watch due to Sandy

As expected, rating agency Standard & Poor's have placed two aggregate tranches of catastrophe bond notes from USAA's Residential Reinsurance 2011 Ltd. (Series 2011-1) and Residential Reinsurance 2012 Ltd. (Series 2012-1) transactions on CreditWatch with negative implications. We suggested this was likely to happen in this article last Friday, we read the full article →

USAA’s estimate suggests all Residential Re cat bonds safe from Sandy loss

Insurer USAA, a regular visitor to the catastrophe bond market through their Residential Re series of deals, has released an estimated range for their ultimate net loss (UNL) from hurricane Sandy. As one of, if not the most, prolific primary insurer cat bond sponsors, the estimate will be welcomed by read the full article →

Residential Reinsurance 2011 & 2012 catastrophe bonds upgraded on reduced loss estimates

Back in July we wrote about the downgrade of two outstanding catastrophe bonds due to a number of qualifying catastrophe events resulting in ultimate net losses for the sponsor USAA. Residential Reinsurance 2011 Ltd. (Series 2011-1) and the more recent Residential Reinsurance 2012 Ltd. (Series 2012-1), both suffered losses due read the full article →

Residential Reinsurance 2011 & 2012 catastrophe bonds downgraded on severe thunderstorm losses

The U.S. severe thunderstorm season of 2012 has begun to impact the catastrophe bond market as two catastrophe events have resulted in qualifying ultimate net losses for two of USAA's Residential Reinsurance cat bond deals. According to ratings agency Standard & Poor's two specific outbreaks of severe thunderstorm and tornadic read the full article →

Residential Re 2011-2 cat bond completes and lists in Cayman Islands

The recently closed, privately placed latest catastrophe bond from USAA has now been admitted to listing by the Cayman Islands Stock Exchange so the deal has definitely closed. The Residential Reinsurance 2011 Ltd. Series 2011-2 cat bond completed at $150m after having been privately placed and remaining unrated, something USAA read the full article →

Residential Reinsurance 2011 Ltd. Series 2011-2 catastrophe bond being issued for USAA

USAA are again returning to the catastrophe bond market for what we believe will be their 17th cat bond issuance to date (details of every transaction can be found in our Deal Directory). This deal has been in the market for a few weeks but it's another privately placed and read the full article →

Residential Reinsurance 2011 Ltd. closes successfully at upsized $250m

USAA have successfully issued their 16th natural catastrophe bond recently through their latest Cayman Islands domiciled special purpose vehicle Residential Reinsurance 2011 Ltd. The four year deal was marketed at around $200m in size but USAA have managed to secure $250m of cover through this their latest cat bond demonstrating read the full article →

Residential Reinsurance 2011 Ltd. preliminary rating raised by S&P

Standard & Poor's has announced that it has reconsidered the preliminary rating that it assigned to the Class 5 tranche of catastrophe bond Residential Reinsurance 2011 Ltd. when it was first marketed earlier this month (previous article here). Originally S&P had assigned the Class 5 notes a rating of 'B' read the full article →