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USAA to upsize new cat bond to $415m as coupons all rise

The target issuance size for the latest catastrophe bond from U.S. primary mutual insurer USAA has been lifted to $415 million, while at the same time the pricing for all four of the remaining tranches of the Residential Reinsurance 2022 Limited (Series 2022-1) deal now look likely to settle at the top of raised guidance.

USAA returned to the catastrophe bond market earlier in April, seeking $375 million or more of collateralized multi-peril reinsurance from a five tranche deal targeting aggregate cover for the U.S. primary military mutual insurer.

The new cat bond is designed to provide USAA with a layered source of fully-collateralized annual aggregate reinsurance protection against losses from multiple US perils, over a four-year term.


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