Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Catastrophe bonds, insurance linked securities, reinsurance capital & investment, risk transfer intelligence.
Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Residential Reinsurance Ltd. (1999)

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Residential Reinsurance Ltd. (1999) – At a glance:

  • Issuer: Residential Reinsurance Ltd. (1999)
  • Cedent / sponsor: USAA
  • Placement / structuring agent/s: Goldman Sachs, Lehman Brothers, Merrill Lynch
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: U.S. hurricane risks
  • Size: $200m
  • Trigger type: Indemnity
  • Ratings: S&P: 'BB'
  • Date of issue: Jun 1999

Residential Reinsurance Ltd. (1999) – Full details:

Transfers the risk of hurricane losses for USAA in 20 states and the District of Columbia.

Covers claims in excess of $1 billion arising from a category 3, 4 or 5 storm on the Saffir-Simpson index in hurricane prone U.S. coastal areas.

Sale of $200 million in bonds to a group of private investors via a private placement. The proceeds of that sale were segregated into a Regulation 114 trust to pay claims.

This cat bond was a one year issuance.

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