Residential Reinsurance 2018 Ltd

The new catastrophe bond that is being marketed on behalf of long-standing catastrophe bond sponsor insurer USAA has upsized, we understand, with the Residential Reinsurance 2018 Ltd. (Series 2018-2) multi-peril cat bond deal now set to complete offering the firm $200 million of fully-collateralized protection.

Long-standing catastrophe bond sponsoring insurer USAA is returning to the capital markets for yet another slice of collateralized reinsurance protection with a $150 million or greater sized Residential Reinsurance 2018 Ltd. (Series 2018-2) new multi-peril cat bond deal.

U.S. primary military mutual insurer USAA is set to secure a $300 million multi-year and multi-peril source of fully-collateralized reinsurance through the issuance of its latest catastrophe bond Residential Reinsurance 2018 Ltd. (Series 2018-1), with pricing that has settled below the initial spread guidance.

The top-end of the target size for U.S. primary military mutual insurer USAA’s latest, the Residential Reinsurance 2018 Ltd. (Series 2018-1) transaction, has been lifted to as much as $325 million, an 85% increase on the launch size and at the same time the pricing is set to drop.

U.S. primary military mutual insurer USAA is back to sponsor its 31st catastrophe bond issuance with a $175 million Residential Reinsurance 2018 Ltd. (Series 2018-1) transaction, that seeks aggregate reinsurance protection against losses from multiple catastrophe and weather perils.