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40th Residential Re cat bond launches for USAA with $200m target

USAA, perhaps the most consistent of catastrophe bond sponsors, at least of any primary company, is back in the cat bond market with what will be its 40th deal under the Residential Re name, seeking $200 million or more in multi-peril reinsurance protection from a Residential Reinsurance 2023 Limited (Series 2023-1) issuance.

USAA has been sponsoring catastrophe bonds since 1997 and this new one is actually its 41st we’ve tracked, with now 40 issuances under the Residential Re naming convention and one under Espada Re all listed in our Deal Directory.

The company has sponsored regular second and fourth quarter cat bonds for many years now, its last being a $195 million Residential Re 2022-2 last November.


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