Seventh Cat bond this year comes to market, worth £150m

US insurer USAA is marketing a $150m catastrophe bond to protect itself against potential losses from windstorms and earthquakes in the United States, Reuters reports.

The three-year bond, to be sold via USAA's Cayman Islands-based issuance vehicle Residential Re, will be split into three tranches of $50m.

Goldman Sachs, BNP Paribas and Aon Benfieldare managing the transaction, which is expected to be priced before the North Atlantic hurricane season starts on 1 June.