Artemis has learned that another catastrophe bond from the Residential Re series that provided USAA with a collateralized source of aggregate catastrophe reinsurance protection has had its maturity date extended, following a return of half the outstanding principal to investors that totalled $30 million.
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The latest and 33rd ever catastrophe bond from U.S. primary military mutual insurer USAA has now been sized at $135 million of collateralised reinsurance protection for the firm, with pricing for both tranches that has moved towards the upper-end of guidance.
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U.S. primary military mutual insurer USAA is returning to the catastrophe bond market in 2019 for what will be its 33rd Residential Re cat bond issuance, as it seeks to expand its capital markets backed multi-peril reinsurance protection.
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