Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Residential Reinsurance Ltd.

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Residential Reinsurance Ltd. – At a glance:

  • Issuer: Residential Reinsurance Ltd.
  • Cedent / sponsor: USAA
  • Placement / structuring agent/s: Merrill Lynch, Goldman Sachs and Lehman Brothers all participated in this deal
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: U.S. hurricane
  • Size: $480m
  • Trigger type: Indemnity
  • Ratings: S&P: Class A1 - 'AAA', Class A2 - 'BB'
  • Date of issue: Jun 1997

Residential Reinsurance Ltd. – Full details:

Two tranches of catastrophe bond coverage for losses from a single hurricane occurrence during the one-year reinsurance period. Covering windstorm losses in states on the Atlantic and Gulf Coast.

The Class A-1 tranche was $163.8m. Class A-2 was $313.18m.

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