Insight and Intelligence on the London & International Insurance Markets

25 February 2018

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USAA locks $40mn of ILS capital pending wildfire claim

Sofia Geraghty 5 December 2017

USAA has retained half the principal of its $80mn Residential Re 2013-2 class 1 cat bond and extended the risk period beyond a 6 December maturity date ahead of a possible California wildfire claim.

The remaining $40mn has been returned to investors. The ResRe 2013-2 class 1 notes were one of the highest-risk cat bond layers USAA has issued, with a per-occurrence trigger of $414mn.

This means the bond is exposed to a claim from the Tubbs wildfire. USAA has...

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This article was published as part of issue December 2017/1

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