Residential Reinsurance 2009 cat bond increases in size to $250m

Share

USAA’s 13th catastrophe bond in the Residential Re series, Residential Reinsurance 2009 Ltd. has been in demand. The deal started life as $150m, but due to ¬†what is assumed to be a combination of investor demand and USAA sensing the opportunity to transfer more risk to the capital markets, it’s been increased to $250m. Originally three equal tranches of $50m, the first tranche is now $70m the second $60m and the third has increased to $120m. The tranches have been priced as; the first 13% over 3-month libor, the second 17% over 3-month libor and the third 12.5% over 3-month libor rates.

No other details have changed and the deal is expected to be settled on the 28th May. Full details are available in the Artemis Deal Directory.

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.

Read previous post:
Atlantic tropics look active; update on the latest 2009 hurricane season forecasts

The Atlantic Tropical Storm and Hurricane Season officially starts on the 1st of June. With less than two weeks to...

Close