USAA’s new Residential Re cat bond upsized again to $430m

USAA has further upsized its latest catastrophe bond issuance to $430 million in size, demonstrating that investor appetite remained strong for the higher layers of its new Residential Reinsurance 2022 Limited (Series 2022-1) issuance.

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.

This new cat bond will afford USAA a layered source of fully-collateralized annual aggregate reinsurance protection against losses from multiple US catastrophe and severe weather perils, across a four-year term.

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