Insurer USAA has now secured the upsized target of $450 million of multi-peril catastrophe reinsurance from its new Residential Reinsurance 2024 Limited (Series 2024-2) catastrophe bond, while the three tranches of notes have all been priced at the bottom-end of their reduced guidance ranges, Artemis can report.
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We’ve learned that insurer USAA is aiming to upsize its latest catastrophe bond to provide $450 million of occurrence reinsurance protection, up from the initial $325 million target, while at the same time the price guidance for notes from this new Residential Reinsurance 2024 Limited (Series 2024-2) deal has tumbled.
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Insurer USAA has returned for what will be the 44th catastrophe bond issuance we have tracked from the company, initially targeting $325 million of occurrence reinsurance protection from a new Residential Reinsurance 2024 Limited (Series 2024-2) deal, Artemis has learned.
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