Residential Reinsurance 2012 Ltd

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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 Reinsurance 2012-2 cat bond prices at lower end of range

The latest catastrophe bond to come to market has now priced and is expected to formally close by the end of this week, according to our sources. Residential Reinsurance 2012 Ltd. (Series 2012-2) is the 19th transaction from regular cat bond sponsor USAA and the first to come to market read the full article →

Demand raises Residential Re 2012-2 catastrophe bond to $400m

At a time when the catastrophe bond market is still uncertain about the impact, or otherwise, of hurricane Sandy on exposed cat bond notes it is encouraging to hear that demand for new issuance remains high. The latest cat bond deal to be marketed in 2012 is the 19th Residential 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 →

USAA return to catastrophe bond market for 19th Residential Reinsurance deal

As we hinted at the other day, there is more to come from the catastrophe bond market this month, and the first deal is from the most prolific primary insurer sponsor of cat bonds, USAA. This deal which is now being marketed to investors, with be the 19th Residential Re 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 2012 catastrophe bond completes, takes first-half issuance to $3.338 billion

Regular catastrophe bond sponsor USAA have successfully acquired $200m of fully collateralized cover through the issuance of their latest catastrophe bond, Residential Reinsurance 2012 Ltd. It's USAA's 18th cat bond to date, details of each can be found in our Deal Directory, and brings total cat bond and ILS issuance read the full article →