Residential Reinsurance 2005 Ltd.

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Residential Reinsurance 2005 Ltd. – At a glance:

  • Issuer: Residential Reinsurance 2005 Ltd.
  • Cedent / sponsor: USAA
  • Placement / structuring agent/s: Goldman Sachs was bookrunner and BNP Paribas was co-manager.
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: U.S. hurricane, U.S. earthquake
  • Size: $176m
  • Trigger type: Indemnity
  • Ratings: S&P: Class A - 'BB', Class B - 'B'
  • Date of issue: Jun 2005

Residential Reinsurance 2005 Ltd. – Full details:

A replacement for USAA’s 2002 Residential Re cat bond transaction. This deal secures them a new layer of cover for U.S. hurricanes and earthquakes via a $176m catastrophe bond.

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