Residential Reinsurance Ltd. (1998)

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Residential Reinsurance Ltd. (1998) – At a glance:

  • Issuer: Residential Reinsurance Ltd. (1998)
  • Cedent / sponsor: USAA
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: U.S. hurricane risks
  • Size: $450m
  • Trigger type: Indemnity
  • Ratings: S&P: 'BB'
  • Date of issue: Jun 1998

Residential Reinsurance Ltd. (1998) – Full details:

Similar cat bond to their 1997 issuance. This issuance gives USAA catastrophe reinsurance to cover a portion of the risk of hurricane losses for policyholders in District of Columbia and the following states: Alabama, Connecticut, Delaware, Florida, Georgia, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont and Virginia.

This Residential Re transaction pays claims in excess of $1 billion arising from a category 3, 4 or 5 storm on the Saffir-Simpson index.

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