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USAA returns $5m from loss hit Espada Re cat bond to investors

September 15, 2021

Primary mutual insurer USAA continues to work through the reinsurance implications of a range of loss events to its catastrophe bond program, with the latest development being a return of some principal from the Espada Reinsurance Limited (Series 2016-1) to investors.

USAA’s Espada Re catastrophe bond was issued in 2016, providing the carrier with multi-year and peril reinsurance protection from the capital markets.

It is the only cat bond issuance sponsored by USAA not to have used the Residential Re nomenclature.

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