Tue, 04/04/2017 - 12:29
This is USAA’s 29th securitization of insurance risk as a catastrophe bond, extending its use of the capital markets as a source of reinsurance capacity.
This transaction sees USAA with a new special purpose insurer, Residential Reinsurance 2017 Limited, which will seek to issue $300 million at least of Series 2017-1 notes to collateralize a multi-peril reinsurance arrangement for the insurer, we understand.
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