Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Residential Reinsurance 2000 Ltd.

The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.


Residential Reinsurance 2000 Ltd. – At a glance:

  • Issuer: Residential Reinsurance 2000 Ltd.
  • Cedent / sponsor: USAA
  • Placement / structuring agent/s: Goldman Sachs structured the securities and co-underwrote them with Lehman Brothers Inc., Merrill Lynch & Co. & Pierce, Fenner & Smith Inc.
  • Risk modelling / calculation agents etc: AIR Worldwide
  • Risks / perils covered: U.S. hurricane
  • Size: $200m
  • Trigger type: Indemnity
  • Ratings: S&P: 'BB+'
  • Date of issue: Jun 2000

Residential Reinsurance 2000 Ltd. – Full details:

As part of its reinsurance efforts, USAA purchased a mix of capital-market reinsurance acquired from Residential Reinsurance 2000 Limited and reinsurance from the Florida Hurricane Catastrophe Fund.

An important piece of the USAA reinsurance program is the capital-market reinsurance acquired from Residential Reinsurance 2000 Limited on June 1. In that transaction, Residential Reinsurance 2000 Limited completed the sale of $200 million of privately placed catastrophe bonds. The proceeds of that sale are held in trust to pay USAA claims should an event produce losses in excess of $1.1 billion arising from a category 3 or higher hurricane striking anywhere in 20 Eastern states or the District of Colombia.

The notes have been rated ‘BB+’ by Standard & Poor’s.

Artemis Live - ILS and reinsurance video interviews and podcastView all of our Artemis Live video interviews and subscribe to our podcast.

All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.

Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.

Print Friendly, PDF & Email

« Go back to the Catastrophe Bond Deal Directory

Help us keep this valuable resource up to date. If you have information on a catastrophe bond or insurance-linked security deal we have not covered or can see something that we should change, please contact us to let us know.