USAA GETS $350M IN COVER THROUGH LATEST CAT BOND

US p/c group USAA has obtained around $350m in reinsurance cover for exposure to weather perils and other natural disasters in California and Hawaii through a catastrophe bond issued by Cayman Islands-based Residential Reinsurance, marking USAA’s 12th catastrophe risk securitisation through ResRe. The notes were issued in three tranches: a Class 1 deal of $125m, a Class 2 deal of $124m and a Class 4 offering of $100m. USAA had originally sought $300m in cover at higher prices.