Residential Reinsurance 2022 Ltd. (Series 2022-1)

USAA has further upsized its latest catastrophe bond issuance to $430 million in size, demonstrating that investor appetite remained strong for the higher layers of its new Residential Reinsurance 2022 Limited (Series 2022-1) issuance.

The target issuance size for the latest catastrophe bond from U.S. primary mutual insurer USAA has been lifted to $415 million, while at the same time the pricing for all four of the remaining tranches of the Residential Reinsurance 2022 Limited (Series 2022-1) deal now look likely to settle at the top of raised guidance.

The latest catastrophe bond for long-standing sponsor USAA has seen its riskiest tranche of notes pulled from the issuance, while the pricing for the other four tranches of notes of the $375 million targeted Residential Reinsurance 2022 Limited (Series 2022-1) deal have all risen.

USAA, the U.S. primary mutual insurer, is sponsoring a $375 million plus aggregate catastrophe bond transaction, with a Residential Reinsurance 2022 Limited (Series 2022-1) deal being marketed to cat bond funds and investors.