USAA MAKES $57.4M IN NEW RECOVERIES FROM RESIDENTIAL RE CAT BOND

USAA, the US insurance and financial services group that serves current and former members of the US military and their families, has made an additional $57.4m in reinsurance recoveries from its Residential Reinsurance 2018 Ltd (Series 2018-1) catastrophe bond, Artemis.bm has reported. USAA had previously made $62.6m in recoveries from the offering’s $100m Class 11 tranche of notes owing to losses from hurricane Irma and California wildfires, reducing principal by nearly $42.6m. The company has now recovered the remaining $57.4m in principal, reducing principal to zero and leaving the tranche to be matured. The maturity of the Class 10 tranche of notes from a 2014 Residential Re offering, where recoveries have already reduced its $80m principal to zero, has been extended until June 6.