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.
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USAA has secured $295 million of fully-collateralized reinsurance protection from the U.S. primary military mutual insurer’s 30th catastrophe bond issuance, the Residential Reinsurance 2017 Ltd. (Series 2017-2) multi-peril deal, with pricing that has dropped to the bottom of guidance on the lower risk tranches of notes.
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The latest and 30th catastrophe bond to be sponsored by U.S. primary military mutual insurer USAA looks set to increase in size, as the latest information from our sources suggests the transaction will complete to provide the sponsor up to $285 million in reinsurance coverage.
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U.S. primary military mutual insurer USAA remains the most prolific of catastrophe bond sponsors and is back in the market for its 30th transaction, with a $225 million Residential Reinsurance 2017 Ltd. (Series 2017-2) multi-peril deal, seeking to expand its capital markets backed source of reinsurance.
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