Residential Reinsurance Ltd. (1999)

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.

Share

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.

———————————————————————
coronavirus-cat-bond-chinaRead all of our Covid-19 coronavirus pandemic related news, analysis and information of relevance to the insurance-linked securities (ILS), catastrophe bond and reinsurance capital markets.

Read Covid-19 coronavirus related news & analysis here.

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.