LONDON (Reuters) – U.S. insurer USAA plans to raise $250 million of protection against natural disasters with the sale of a new catastrophe bond, despite the threat of a payout on previous such deals following Hurricane Sandy.
Standard & Poor's said late on Thursday it had rated two tranches of cat bonds totalling $125 million being offered by United Services Automobile Association to cover itself against claims arising from hurricanes, earthquakes, thunderstorms, winter storm and wildfires in the United States.
USAA is also marketing two unrated notes for another $125 million, covering the same risks, said investors.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
