Insight and Intelligence on (Re)insurance Convergence with the Capital Markets

23 April 2018

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USAA launches $175mn Residential Re cat bond

16 April 2018

USAA is targeting $175mn from its Residential Re 2018-1 cat bond which will provide protection against US multi-peril risk, according to sources.

The cat bond is made up of two tranches, the high-risk class 11 notes which cover one year and the less-risky class 13 notes which cover four years.

The class 11 notes are being marketed with an initial size of $75mn and a zero-coupon structure at 86.75-87.75 percent of par value. This equates to a yield of between...

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