Residential Reinsurance 2016 Ltd. (Series 2016-1)

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Some of USAA’s loss hit cat bonds get wildfire subrogation return of principal

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. USAA read the full article →

USAA takes $48.8m of reinsurance recoveries from ResRe cat bonds

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. USAA has made a number of reinsurance recoveries under its catastrophe read the full article →

USAA adds $57.4m to Residential Re cat bond reinsurance recoveries

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. The last time we covered USAA and read the full article →

USAA recovers another $62.6m from Residential Re cat bonds

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. USAA's Residential Reinsurance catastrophe bonds were exposed to a range of catastrophe loss events over the course of 2017 and read the full article →

USAA makes further $10m ResRe cat bond recovery. Extends further

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. We explained recently that USAA had begun to benefit from some reinsurance recoveries under its cat bonds, as it read the full article →

USAA makes some ResRe & Espada Re cat bond recoveries. Extends further

U.S. primary mutual insurer USAA has made a number of reinsurance recoveries under its catastrophe bond programs it appears, reducing the principal outstanding on a number of tranches of both in-force and maturity extended cat bonds in the Residential Reinsurance series and its Espada Reinsurance deals. Two of USAA's still in-force read the full article →

USAA puts another ResRe cat bond on watch list, extends others

U.S. primary military mutual insurer USAA has added another of its catastrophe bonds to the list of those considered at-risk of facing losses, extending the maturity on the $55 million per-occurrence Class 1 tranche of its Residential Reinsurance 2017 Ltd. (Series 2017-2) transaction. The move suggests that USAA is holding this read the full article →

USAA to repay $20m of extended ResRe cat bond as loss picture improves

USAA is moving a little closer to understanding just how big a recovery it can make from ILS investors against the reinsurance provided by its Residential Re catastrophe bond series, now opting to repay $20 million of the extended notes to investors, but still holding onto $150 million more with read the full article →

USAA extends maturity on $170m of notes across three ResRe cat bonds

U.S. primary military mutual insurer USAA has elected to extend the maturity dates for $170 million of catastrophe bond notes across three Residential Re issuances, as the firm continues to expect that it may be able to recover some of its losses from the principal that remains outstanding. USAA continues to read the full article →

USAA’s loss estimates drop, so ResRe cat bond safe for now

According to Artemis' sources, U.S. primary military mutual insurer USAA has reduced its estimate of aggregated qualifying catastrophe losses and as a result the riskiest layers of the insurers aggregate Residential Re catastrophe bonds are still safe, for the moment. We wrote almost a fortnight ago that, based on USAA's latest read the full article →