Residential Reinsurance 2013 Ltd. (Series 2013-2)

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USAA further extends maturity on two tranches of Residential Re cat bonds

U.S. primary military mutual insurer USAA has further extended the maturity date for two of its at-risk of loss tranches of Residential Re (ResRe) catastrophe bond notes.A number of tranches of USAA's catastrophe bonds under its Residential Reinsurance programs have been extended to allow for continued development of losses from read the full article →

USAA puts another ResRe cat bond on watch list, extends others

U.S. primary military mutual insurer USAA has added another of its catastrophe bonds to the list of those considered at-risk of facing losses, extending the maturity on the $55 million per-occurrence Class 1 tranche of its Residential Reinsurance 2017 Ltd. (Series 2017-2) transaction.The move suggests that USAA is holding this read the full article →

USAA to repay $20m of extended ResRe cat bond as loss picture improves

USAA is moving a little closer to understanding just how big a recovery it can make from ILS investors against the reinsurance provided by its Residential Re catastrophe bond series, now opting to repay $20 million of the extended notes to investors, but still holding onto $150 million more with read the full article →

USAA extends maturity on $170m of notes across three ResRe cat bonds

U.S. primary military mutual insurer USAA has elected to extend the maturity dates for $170 million of catastrophe bond notes across three Residential Re issuances, as the firm continues to expect that it may be able to recover some of its losses from the principal that remains outstanding.USAA continues to read the full article →

USAA’s ResRe 2013-2 cat bond extended again as wildfire loss develops

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.The Residential Re read the full article →

USAA extends maturity for $40m of ResRe 2013-2 cat bond tranche

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.We're told that USAA read the full article →

ResRe 2013-2 takes Cayman Islands Stock Exchange to 200 cat bond listings

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.USAA’s latest cat bond, which provides it with a source of fully-collateralized reinsurance protection, using an indemnity read the full article →

Residential Re 2013-2 cat bond prices at lowest end of guidance

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.USAA's latest cat bond contains perhaps the riskiest tranche, with the highest probability of read the full article →

USAA upsizes riskier tranche of Residential Re 2013-2 cat bond, price drops

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.Sources told Artemis that investors have confirmed their interest read the full article →

More detail on USAA’s Residential Reinsurance 2013-2 cat bond

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).Residential Reinsurance 2013-2 launched to investors last week and sees USAA looking to secure another source of fully-collateralized, capital markets backed, read the full article →