New series of notes for Residential Reinsurance 2010 Ltd. now marketing


USAA has begun marketing a new series of catastrophe bond notes to add to its Residential Reinsurance 2010 Ltd. transaction. We assume that USAA is seeking to take advantage of investor appetite to secure further coverage for its U.S. peril exposure through this additional issuance.

Standard & Poor’s has given the Class 1 Series 2010-II notes a preliminary rating of ‘BB’, the same rating as the previous rated tranches of Residential Re 2010 which S&P say carry the same risk profile. So we assume that this new series of notes is designed to provide an additional level of cover for USAA’s hurricane, earthquake, severe thunderstorm, winter storm and wildfire exposures in the U.S.

As this is the first transaction in a few months to contain U.S. hurricane risks it will be interesting to see how well received it is by investors. We believe this issuance to be targeting between $100m-$200m in additional cover for USAA.

Artemis London 2022 - Insurance-linked securities conference in LondonTickets are selling fast for Artemis London 2022, our first ILS conference in London. Sept 6th, 2022.

Register soon to ensure you can attend.

Secure your place at the event here!

Print Friendly, PDF & Email

Artemis Newsletters and Email Alerts

Receive a regular weekly email newsletter update containing all the top news stories, deals and event information

  • This field is for validation purposes and should be left unchanged.

Receive alert notifications by email for every article from Artemis as it gets published.