Residential Reinsurance 2016 Ltd. (Series 2016-2)

The outstanding catastrophe bond market has reached and passed $26 billion in size again, the first time since early April 2016, as the completion of the CEA’s $500m Ursa Re Ltd. (Series 2016-1) cat bond and American Strategic Insurance Group’s $200m Bonanza Re Ltd. (Series 2016-1).

U.S. military mutual insurer USAA has topped the Artemis catastrophe bond sponsor leaderboard after its latest cat bond transaction completed last Friday, adding $400m to 2016 issuance and taking total risk capital issued year-to-date to $5.327 billion.

The 28th catastrophe bond from U.S. military mutual primary insurance USAA, Residential Reinsurance 2016 Ltd. (Series 2016-2), is set to achieve its upsize target and will provide the insurance firm with $400m of multi-peril, multi-year reinsurance cover Artemis understands.

Insurer USAA is seeking to upsize its latest catastrophe bond issuance, with the Residential Reinsurance 2016 Ltd. (Series 2016-2) transaction now targeting from $280m to $400m of reinsurance coverage for the firm and sources said that price guidance has been reduced on all three tranches.

U.S. military mutual primary insurer USAA is back with its latest catastrophe bond, targeting $280 million of multi-peril coverage from a Residential Reinsurance 2016 Ltd. (Series 2016-2) issuance.