Residential Reinsurance 2015 Ltd. (Series 2015-1)

USAA, the military mutual insurance firm and long-time catastrophe bond sponsor, has continued to benefit from its capital markets backed reinsurance coverage, with two more recoveries amounting to roughly $5.5 million coming from two of its 2016 vintage cat bond deals in recent weeks.

Investors in two of primary mutual insurer USAA’s outstanding and loss affected catastrophe bonds have received additional returns of collateral from the structures, with approximately $17.44 million delivered back to holders of each set of notes, Artemis has learned.

Primary mutual insurer USAA continues to work through the reinsurance implications of a range of loss events to its catastrophe bond program, with the latest development being a return of some principal from the Espada Reinsurance Limited (Series 2016-1) to investors.

Primary mutual insurer USAA continues to benefit from reinsurance recoveries under its catastrophe bond program, with another small loss payment made from its Espada Reinsurance Limited (Series 2016-1) catastrophe bond transaction.

Some of the loss hit catastrophe bonds sponsored by U.S. primary mutual insurer USAA have benefited from a return of principal with respect to previously made loss payments under certain reinsurance agreements, presumably a sign of wildfire related subrogation recoveries flowing to the benefit of cat bond funds and investors.

U.S. primary mutual insurer USAA has benefited from another almost $48.8 million of reinsurance recoveries under two of its outstanding and extended Residential Re catastrophe bonds, while also releasing a significant chunk of retained collateral back to investors as well.

The Residential Re 2015-1 catastrophe bond has had its maturity dates extended again, as the remaining principal of the already loss hit and partially paid out cat bond that was sponsored by USAA continues to be held in case of further reinsurance recoveries becoming possible.

U.S. primary mutual insurer USAA has added another just more than $57.4 million to the reinsurance recoveries made under its Residential Re catastrophe bond program, as it continues to benefit from the catastrophe protection the program has provided it through recent heavy loss years.

U.S. primary mutual insurer USAA continues to make reinsurance recoveries under its Residential Re catastrophe bond program, with the latest loss payments to come to light amounting to almost $62.6 million.

U.S. primary mutual insurer USAA appears to have made another reinsurance recovery under one of its Residential Re catastrophe bond programs, while other ResRe tranches have had their maturity extended further again.