Prolific catastrophe bond issuer USAA has closed its 16th transaction for $250m to cover itself against potential losses from earthquakes, severe thunderstorms, winter storms and wildfires in the US (IERM, 12 May 2011).
The class 1, 2, and 5 notes will be issued through USAA's Residential Re 2011's special purpose vehicle and have been given a B+, B- and B+ ratings by Standard & Poor's, the credit rating agency
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