Insurer grabs an extra $100m in $250m bond launch
US military insurer USAA has sold a $250m catastrophe bond, $100m larger than initially planned, Reuters reported.
It will protect against losses over $35m from US hurricanes and earthquakes for three years. One tranche also covers potential losses from severe storms and wildfires.
USAA's 13th catastrophe bond will be inplace before the June start of the US hurricane season. Maturity date is June 6, 2012.
Sold via Cayman Islands-based issuance vehicle Residential Reinsurance 2009, the transaction was divided into three tranches, each of which was initially sized at $50m.
- $70m, was priced late on Tuesday to yield 13% over three-month Libor
- $60m, was priced to yield 17% over three-month Libor
- $120m was priced at three-month Libor plus 12.5%.
Credit rating agency Standard & Poor's assigned BB-, B- and BB- ratings to the three tranches last week.
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The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
