LONDON (Reuters) – American insurers Travelers Co Inc and United Services Automobile Association plan to raise about $300 million of protection against potential hurricane claims via a sale of catastrophe bonds, market sources said on Friday.
Travelers is seeking to raise about $150 million by selling cat bonds through its Longpoint Re vehicle, while USAA also hopes to raise $150 million, using its Residential Re structure.
The targeted issue sizes are indicative only and could change depending on the strength of investor demand.
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