U.S. primary mutual insurer USAA has elected to withdraw the riskier tranche from its newest Residential Reinsurance 2020 Limited (Series 2020-1) catastrophe bond transaction and despite aiming to slightly upsize the remaining lower-risk layer of the issuance has now settled for $100 million of coverage, we understand.
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In a show of discipline by the catastrophe bond investor base, we’re told that the new cat bond from USAA, the $100 million or greater Residential Reinsurance 2020 Limited (Series 2020-1) deal, has now had a pandemic exclusion forced into its documentation.
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USAA has returned to the catastrophe bond market for its first issuance of 2020, with a currently $100 million plus sized Residential Reinsurance 2020 Limited (Series 2020-1) transaction seeking multi-peril reinsurance protection, that will become the insurers 35th cat bond issuance if successfully completed.
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