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Report: USAA sponsoring $150M catastrophe bond

United Services Automobile Association is sponsoring a $150 million Residential Reinsurance 2019 Ltd. (Series 2019-2) catastrophe bond, Artemis reported.

The company is seeking four years of collateralized indemnity reinsurance protection from losses stemming from U.S. tropical cyclones, earthquakes and potential subsequent fires, severe thunderstorms and winter storms. It is also seeking coverage for wildfires, volcanic eruptions, meteorite impact and other perils.

Residential Reinsurance 2019 Ltd., a Cayman Islands-domiciled special purpose vehicle, will reportedly issue two sets of notes. A $50 million or greater tranche of notes will be the lower layer of protection for USAA.

According to the report, the securities are effectively being offered with a coupon spread ranging from 21% to 24% as they are structured as zero-coupon. They are being marketed at between 79% and 76% of par value.

USAA will get four years of reinsurance protection from a second $100 million tranche of notes. This coverage is reportedly expected to trigger after USAA sustains $1.07 billion of losses. The securities have a coupon price guidance ranging from 11.25% to 12.25%.